Financial Market Overview
1st August, 2018
MARKETS AT Noon:-
- The Indian rupee fell against the dollar in the afternoon because of interest rate decisions from the country’s rate-setting Monetary Policy Committee and the U.S. Federal Reserve.
- The rupee was last seen at 68.59 to a dollar, against 68.54 at previous close. It opened at 68.55 and rose to the day’s high of 68.49, its highest since Jul. 18, on greenback sales through some foreign and private banks, likely for corporate clients.
- Indian shares extended gains early Wednesday to record level before reversing course to trade lower ahead of a central bank policy decision.
- The broader NSE index was up 0.06 percent at 11,349.20, while the benchmark BSE index was 0.19 percent lower at 37,536.09.
- Asian markets finished sharply lower today. The Hong Kong Hang Seng ended lower by 1.26% as well as the Shanghai Composite at 1.81%.
- European markets are trading mixed today. The France’s CAC 40 is rose by 0.21%, the Germany’s DAX is trading higher by 0.08% and the London’s FTSE100 is lower by 0.45%.
- The dollar index edged 0.1% higher today ahead of the Fed’s monetary policy review, due after Asian markets close.
- The onshore Chinese yuan was trading lower at 6.8134 against the greenback amid conflicting reports on the ongoing China-U.S. trade dispute
- The MPC decision is due at 2.30 p.m. today. Latest inflation data suggested that the Indian economy continued to see inflation pressures, with the closely watched core measure climbing over 6% in June. Out of the 63 economists polled, 37 expect a quarter percent rate increase and the rest see policy rates remaining at current levels.