Aug 07 2018

Indian rupee opened lower tracking weakness in emerging market currencies

Financial Market Overview

07th August, 2018

Morning Update:-                                                                             

MARKETS AT Open:-

Rupee:-

  • The Indian rupee opened marginally lower at 68.91 per dollar on Tuesday versus previous close 68.88.The country’s central bank will step in to prevent its further decline in the backdrop of weakness in emerging market currencies amid rising trade tensions.
  • We expect the pair to trade in the range between 68.70-69.00 today.

Indian Equities:-

  • Equity benchmarks have begun the day on a record high note, with the Nifty trading comfortably above 11,400. The Sensex has risen over 100 points.
  • The Sensex is up 115.50 points or 0.31% at 37807.39, while the Nifty is up 32.00 points or 0.28% at 11419.10. The market breadth is positive as 464 shares advanced, againt a decline of 119 shares, while 60 shares are unchanged. All sectoral indices are trading in the green, with maximum gain seen in auto names. IT, metals and pharma space is also trading higher.

Global Markets:-

  • Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.24% while the Hang Seng is up 0.77%. The Shanghai Composite is trading broadly up by 1.43%.The Australian’s ASX200 is negative by -0.38%
  • European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.06%, while the DAX led the CAC 40 lower. They fell 0.14% and 0.03% respectively.
  • U.S. stocks closed higher on Monday as investors applauded a strong U.S. earnings season with results from Berkshire Hathaway impressing and Facebook lifting the tech-heavy Nasdaq index after a report it was planning new services.
  • Based on the latest available data, the Dow Jones Industrial Average rose 40.35 points, or 0.16 percent, to 25,502.93, the S&P 500 gained 10.1 points, or 0.36 percent, to 2,850.45 and the Nasdaq Composite added 47.66 points, or 0.61 percent, to 7,859.68.
  • Venezuelan consumer prices rose to 82,766 percent in the 12 months ending in July, a member of the opposition-run congress reported on Monday, as the OPEC nation’s hyperinflation continues to accelerate amid a broader economic collapse. The International Monetary Fund last month estimated that Venezuela’s consumer prices would rise 1,000,000 percent in 2018. Inflation in July slowed slightly to 125 percent from 128.4 percent in June, according to opposition legislator Angel Alvarado.
  • Japan’s household spending fell for the fifth straight month in June but real wages rose at their fastest pace in more than 21 years thanks to higher summer bonuses. Household spending fell 1.2 percent in June from a year earlier.
  • Dollar index little changed at 95.32, after rising by 0.2% in previous session. US 10-year yield at 2.95%.