Aug 30 2018

Indian Rupee plunged to fresh record low on rising oil prices

Financial Market Overview

30th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee remained off its lifetime low against the dollar in afternoon trade, as banks stepped up greenback sales after an apparent intervention by the central bank limited losses tracking a surge in global crude oil prices.
  • The rupee changed hands at 70.73 to a dollar, against 70.59 at close yesterday. It slumped to a record low of 70.8250 earlier today before paring some losses on dollar sales by at least two large private banks and a state-run bank, likely for the Reserve Bank of India.

 

Indian Equities:-

  • Indian shares fell marginally on Thursday on profit-booking in financials ahead of the expiry of futures and options contracts later in the day.
  • Gains in consumer and materials stocks were offset by losses in financials, and Asian stocks surrendered earlier gains as Chinese markets fixed on risks from the Sino-U.S. trade war.
  • The Sensex is down 39.34 points or 0.1% at 38683.59, and the Nifty down 17.05 points or 0.15% at 11674.85. The market breadth is positive as 1,361 shares advanced, against a decline of 995 shares, while 139 shares were unchanged.

 

Global Markets:-

  • Asian markets finished lower today. The Hong Kong Hang Seng ended lower by 0.94% and the Shanghai Composite closed lower by 1.14%.
  • European markets are trading lower today. The the France’s CAC is trading lower by 0.15% followed by the Germany’s DAX at 0.41% and the London FTSE 100 by 0.58% .
  • The dollar index was trading off 0.1% after closing 0.1% lower overnight, within striking distance of one-month lows yesterday, on account of a jump in the British pound following positive comments from the European Union’s chief negotiator that the common bloc was prepared to offer Britain a partnership.
  • Brent crude oil price remained at a seven-week high, rising 0.3% at $77.40 per barrel, extending its overnight surge amid falling U.S. inventories.