Aug 07 2018

Indian Rupee Stays Higher Tracking Rebound in Chinese Yuan

Financial Market Overview

07th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee remained higher against the dollar in afternoon trade, as greenback sales by banks on behalf of exporters and rebound in the Chinese Yuan helped erase early losses from rising trade tensions between the U.S. and China.
  • The rupee was last seen at 68.79 to a dollar against 68.88 at previous close. It opened at 68.91 and had extended decline to 68.93, lowest since Jul. 25 and near its record low of 69.13 hit last month. Most Asian currencies also recouped early losses against the dollar.

Indian Equities:-

  • Indian shares were trading flat on Tuesday, retreating from record highs hit earlier in the session, as gains in consumer discretionary stocks were offset by losses in energy and healthcare.
  • The Sensex is up 51.77 points or 0.14% at 37743.66, while the Nifty is trading higher 17.55 points or 0.15% at 11404.65. The market breadth is negative as 1,112 shares advanced, against a decline of 1,319 shares, while 128 shares were unchanged.

Global Markets:-

  • Asian markets finished higher today. The Hong Kong Hang Seng ended higher by 1.44% and the Shanghai Composite rose by 2.74%.
  • European markets are trading higher today. The Germany’s DAX is trading higher by 0.47%, the France’s CAC 40 and the London’s FTSE100 is equally higher by 0.29%.
  • The dollar index ended yesterday at its highest level in more than a month, supported by ongoing trade dispute between U.S. and trading partners and on expectations that the Federal Reserve will continue to remain on path of gradual rate hikes.
  • The onshore Yuan recovered early losses and was last trading 0.14% higher at 6.84. It fell to 6.86 against the dollar earlier today, close to its recent one-year low of around 6.8926, amid worries over the repercussions of the ongoing trade dispute between the U.S. and China.
  • German industrial output fell more than expected in June, data showed on Tuesday. Data from the Economy Ministry showed industrial output dropped 0.9 percent, undershooting a forecast for a fall of 0.5 percent. That came after a downwardly revised rise of 2.4 percent in May.