Aug 28 2018

Indian Rupee was Slightly Changed on State Run Bank Dollar Purchases to meet Importers’ Demand

Financial Market Overview

28th August, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee turned lower against the dollar in afternoon trade, as state-run banks stepped up greenback purchases to meet importers’ demand, erasing early gains from upbeat global risk sentiment.
  • The rupee was last seen at 70.27 to a dollar, against a record closing low of 70.16 yesterday, which neared the intraday all-low of 70.40 hit on Aug, 16. The local currency rose to 70.02 earlier today, tracking gains in most Asian currencies.

 

Indian Equities:-

  • Indian stock indexes hit record highs on Tuesday, buoyed by energy and IT shares and positive cues from global markets after the United States and Mexico agreed to overhaul the North American Free Trade Agreement.
  • The benchmark BSE index climbed 0.48 percent higher to 38,881.58, while the broader NSE index was up 0.45 percent at 11,744.70, with both reaching record intra-day levels for the tenth time this month.

 

Global Markets:-

  • Asian markets finished mixed today. The Hong Kong Hang Seng ended higher by 0.25% and the Shanghai Composite closed lower by 0.10%.
  • European markets are trading higher today. The London FTSE 100 is trading higher by 0.67% followed by the Germany’s DAX at 0.42% and the France’s CAC at 0.17%.
  • The dollar index was last trading down 0.05%, extending overnight decline. It fell for second session yesterday, closing at its lowest level in almost a month, amid remarks by the U.S. Federal Reserve Chair Jerome Powell that U.S. inflation is unlikely to accelerate beyond the central bank’s target.
  • The Turkish lira weakened on Tuesday as investors weighed up Turkey’s efforts to manage its rift with the United States after Finance Minister Berat Albayrak warned that U.S. trade sanctions against Ankara could destabilise the Middle East.
  • Brent crude oil prices were steady at $76.20 per barrel, after edging higher in early Asia trade today, amid risks of supply disruptions from Venezuela, Africa, and Iran. Members of the Organization of the Petroleum Exporting Countries and Russia have also been reducing production of the crude oil.