Aug 06 2018

Indian Rupee Turned Lower On Dollar Demand by Foreign Bank

Financial Market Overview

06th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee fell against the dollar in afternoon trade, as greenback purchases led by foreign banks, likely for their custodian clients, outweighed early gains triggered after the Chinese central bank’s move to cushion depreciation in Yuan.
  • The Indian rupee was last seen at 68.65 to a dollar against 68.61 at previous close. It opened at 68.57 and rose to the day’s high of 68.54, before turning lower. Most Asian currencies were trading higher against the greenback.

Indian Equities:-

  • Indian shares extended gains to a second straight session on Monday, as financial stocks continued to rise amid positive global cues, while HDFC Asset Management Co’s shares soared 67 percent on their market debut.
  • The broader NSE index was up 0.24 percent at 11,388.30 while the benchmark BSE index was trading 0.38 percent higher at 37,697.

Global Markets:-

  • Asian markets finished mixed today. The Hong Kong Hang Seng ended higher by 0.35% and the Shanghai Composite traded lower by 2.25%.
  • European markets are trading lower today. The Germany’s DAX is trading lower by 0.24% followed by the France’s CAC 40 at 0.10% and the London’s FTSE100 at 0.06%.
  • The dollar index was last trading up 0.16% after ending the Aug. 3 session on a flat note, after data showed the U.S. economy added a smaller number of jobs last month than expected by analysts. However, the unemployment rate declined to 3.9% and average hourly earnings increased 0.3% on-month.
  • The Chinese onshore yuan was last trading down 0.1% at 6.84 against dollar. It rose to 6.80, after measures by the People’s Bank of China that made it more expensive for speculators to bet on a decline on the currency of Asia’s largest economy.
  • The benchmark Brent crude oil prices were last trading up 0.3% at $73.44 per barrel, as investors await details of sanctions on Iran due later today.