Indian rupee opened  higher as dollar index slipped in Asia trading

Indian rupee opened higher as dollar index slipped in Asia trading

06 Sep 2018 09:41 AM
Myforexeye Research Report

Financial Market Overview

6th September, 2018

Morning Coffee:-



  • The Indian rupee opened higher against the dollar as decline in the U.S. currency and the biggest fall in Brent crude in three weeks.
  • The rupee is opened at 71.62 after closing at 71.75 yesterday, a record low for the sixth consecutive day. Considering that the rupee has not been able to hold on to its higher opening over the previous three sessions. The dollar index slipped in Asia trading on Thursday, extending its previous session’s decline. The pullback in the index, which climbed to two-week highs on Tuesday.
  • We expect the pair to trade in the range between 71.50 to 71.98

Indian Equities:-

  • The market has made a good start on Thursday morning. The Nifty hit 11,500 in the opening tick. The Sensex is higher by 100 points. Major sectoral indices are trading in the green, with pharmaceuticals, metals, auto and FMCG leading the charts, while there is weakness in IT names. Among broader markets, the Nifty Midcap index is higher by almost a percent. 
  • The Sensex is up 102.49 points or 0.27% at 38120.80, and the Nifty up 11.60 points or 0.10% at 11488.60. The market breadth is positive as 539 shares advanced, against a decline of 164 shares, while 44 shares were unchanged.

Global Markets:-

  • Asian markets are lower today as Japanese, Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.54% while the Hang Seng is down 0.32%. The Nikkei 225 is off by 0.23%The Australian's ASX200 is down today by -57 points and -0.92%.
  • European markets finished sharply lower yesterday with shares in France leading the region. The CAC 40 is down 1.54% while Germany's DAX is off 1.39% and London's FTSE 100 is lower by 1.00%.
  • The Nasdaq fell more than 1 percent on Wednesday, dented by technology stocks after Facebook Inc and Twitter Inc executives defended their companies before skeptical U.S. lawmakers.
  • The Dow Jones Industrial Average rose 22.98 points, or 0.09 percent, to 25,975.46, the S&P 500 lost 8.04 points, or 0.28 percent, to 2,888.68 and the Nasdaq Composite dropped 96.07 points, or 1.19 percent, to 7,995.17.
  • The U.S. trade deficit rose to a five-month high in July, with the politically sensitive gap with China hitting a record high, which economists said could embolden the Trump administration to aggressively pursue its "America First" agenda.
  • The administration's protectionist trade policy has left the United States embroiled in tit-for-tat tariffs with the European Union, Canada and Mexico as well as an escalating trade war with China. President Donald Trump claims the United States is being taken advantage of by its trade partners.
  • The government imposed import duties on goods including steel, aluminium, washing machines and solar panels early this year to protect American industries from what Trump says is unfair foreign competition. In addition, the United States and China have slapped retaliatory tariffs on a combined $100 billion of products since early July.



Date : Sep-2018