Sep 18 2018

Indian Rupee trading higher as China says will respond to U.S tariffs

Financial Market Overview

18th September, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee was off highs against the dollar in afternoon trade, after China said it will retaliate on U.S. goods after the world’s largest economy imposed fresh tariffs on Chinese imports.
  • The rupee changed hands at 72.4450 to a dollar against 72.51 at close yesterday. It opened lower at 72.55 and extended losses to 72.58, before rising to the day’s high of 72.36, helped by an earlier fall in the dollar index and lower crude oil prices.

 

Indian Equities:-

  • Indian shares were lower on Tuesday dragged by financial stocks, as sentiment across the globe turned sour amid worsened trade tensions between the U.S. and China.
  • The broader NSE index was down 0.1 percent at 11,366.10 dragged by top lenders ICICI Bank, State Bank of India and HDFC Bank. The benchmark BSE index was 0.05 percent lower at 37,566.60.

 

Global Markets:-

  • Asian markets finished higher as of the most recent closing prices. The Hang Seng gained by 0.59% and the Shanghai Composite higher by 1.82%.
  • European markets are trading mixed today. The France CAC40 is trading higher by 0.72% followed by the Germany’s DAX at 0.66% and the Spain’s IBEX35 at 0.37% and the London’s FTSE100 lower by 1.00% .
  • The dollar index, which has benefited from rising trade tensions, fell 0.5% in overnight trade and was last trading little changed, after dropping to a near-two-month low.
  • The benchmark Brent crude oil contract fell 0.3% to $77.74 per barrel, as rising trade war fears dented demand outlook.
  • The yuan dropped 0.3% to 6.8782 against the dollar earlier today and was last trading at 6.8577.
  • Washington widened the scope of its ongoing trade war with Beijing, after the Trump administration said China’s imports worth $200 billion will be subject to a 10% tariff with effect from Sep. 24. The new charges come weeks after both countries levied tariffs on $50 billion of each other’s goods.