Indian Rupee Slipped Due to Sell-Off in Emerging Market Currencies

10 Aug 2018 02:09 PM
Myforexeye Research Report

Financial Market Overview

10th August, 2018

Noon Update:-                                                                                  



  • The Indian rupee slipped to a more-than-two-week low against the dollar in afternoon trade, following sell-off in other emerging market currencies, as the dollar index jumped to a more-than-one-year high amid fears of escalation in global trade tensions.
  • The rupee was last seen at 68.94 to a dollar, against 68.68 at previous close. It fell to the day’s low of 69.02, lowest since Jul. 24, but recouped some losses on dollar sales by state-run banks and exporters.


Indian Equities:-

  • Indian shares fell on Friday, after touching record highs for four straight sessions, dragged down by financial stocks such as State Bank of India and ICICI Bank Ltd.
  • The Sensex is down 97.12 points or 0.26% at 37927.25, while the Nifty is down 23.95 points or 0.21% at 11446.75. The market breadth is negative as 999 shares advanced, against a decline of 1,435 shares, while 116 shares were unchanged.


Global Markets:-

  • Asian markets finished mixed today. The Hong Kong Hang Seng ended lower by 0.84% and the Shanghai Composite rosed by 0.04%.
  • European markets are lower today. The Germany's DAX is trading lower by 1.36% followed by the France's CAC 40 at 1.12% and the London's FTSE100 at 0.58%.
  • The dollar index was 0.5% higher at 96.02, highest since July 2017, after snapping two-session losses to end up almost half a percent higher overnight, supported by increasing global trade tensions and rising geopolitical risks.
  • The euro fell to a 13-month low against dollar on speculation that Britain may leave the European Union without an agreement on its future relation with Brussel. The single currency was also weighed down after the region’s central bank warned of risks to global growth because of U.S. protectionist policies. It was last trading down 0.6%.
  • The lira fell to record levels amid souring relations with the U.S while the ruble’s fall to lowest in two-and-a-half years comes after Washington set out new sanctions on Moscow.
  • The Chinese yuan was down 0.5% at 6.85 against dollar, after China retaliated with $16 billion worth of tariffs on U.S. imports, which would be applicable from Aug. 23, when similar additional tariffs on $16 billion of Chinese goods would be imposed by the U.S.



Date : Aug-2018

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