Aug 27 2018

Indian Rupee Turned Lower As Importers’ and Foreign Bank Demand Overweighed

Financial Market Overview

27th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee turned lower against the dollar in the afternoon trade, as greenback demand from importers and foreign banks outweighed early gains stemming from a rally in the Chinese Yuan and dollar weakness post Fed Chair Jerome Powell’s speech.
  • The rupee was last seen at 70.05 to a dollar, against 69.91 at previous close. The domestic currency rose to 69.70 per dollar earlier today, its highest since Aug. 21, in line with most Asian currencies, before falling below its psychologically important level of 70 per dollar.

 

Indian Equities:-

  • Indian stock indexes surged to an all-time high on Monday, the ninth time this month, following positive global cues and boosted by gains in bank stocks including ICICI and Kotak Mahindra.
  • The Sensex is up 433.40 points or 1.13% at 38685.20, while the Nifty is up 123.05 points or 1.06% at 11680.15. The market breadth is positive as 1,458 shares advanced, against a decline of 979 shares, while 164 shares were unchanged.

 

Global Markets:-

  • Asian markets finished higher today. The Hong Kong Hang Seng ended higher by 2.12% and the Shanghai Composite closed higher by 1.89%.
  • European markets are trading higher today. The Germany’s DAX is trading higher by 0.50% followed by the France’s CAC at 0.38% and the London FTSE 100 by 0.19%.
  • The dollar index slipped on Aug. 24 to mark its worst weekly performance since middle of February, after Federal Reserve Chair Jerome Powell said he saw little risk of inflation accelerating in U.S. beyond the central bank’s target. It was last trading up 0.1%.
  • The offshore yuan posted its largest single session gain in well over a year on Aug. 24, after China’s central bank adjusted the methodology for fixing the daily yuan mid-point. It was last trading little changed at 6.80.