Aug 24 2018

Indian rupee remained lower against the dollar as foreign banks stepped up greenback purchases

Financial Market Overview

24th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee remained lower against the dollar in afternoon trade, as foreign banks stepped up greenback purchases amid weak risk appetite and caution ahead of Federal Reserve Chair Jerome Powell’s speech later in the day.
  • The rupee was last seen at 70.20 to a dollar, against 70.11 at previous close. It fell to the day’s low of 70.23, nearing the record-low 70.40 hit on Aug. 16, before paring losses and briefly turning higher to 70.05. Most Asian currencies traded mixed.

 

Indian Equities:-

  • Indian shares edged down on Friday, taking a pause after hitting record highs eight times this month, dragged by financials and consumer stocks amid caution in global markets.
  • The Sensex is down 98.53 points or 0.26% at 38238.23, and the Nifty down 31.70 points or 0.27% at 11551.05. The market breadth is negative as 1024 shares advanced, against a decline of 1,322 shares, while 168 shares are unchanged.

 

Global Markets:-

  • Asian markets finished mixed today. The Hong Kong Hang Seng ended lower by 0.43% and the Shanghai Composite closed higher by 0.18%.
  • European markets are trading mixed today. The Germany’s DAX is trading higher by 0.24% followed by the France’s CAC at 0.17% and the London FTSE 100  traded lower by 0.03%.
  • The dollar index managed to break a losing run that began last Wednesday ahead of Powell’s speech at Fed’s annual policy symposium in Jackson Hole, Wyoming, after market hours. It was last trading down 0.2% after rising half a percent yesterday.
  • The onshore Chinese Yuan declined close to 6.90 against the greenback amid trade negotiations between the U.S. and China ended yesterday without much progress.
  • The benchmark Brent crude oil contract was up 0.8% at $75.30 per barrel. The contract had posted its biggest single-session rise in two months earlier this week and has gained by over 6% in the last seven sessions.