Rupee appreciates as India proposes curbs on non-essential imports

Rupee appreciates as India proposes curbs on non-essential imports

19 Sep 2018 02:47 PM
Myforexeye Research Report

Financial Market Overview

19th September, 2018

Noon Update:-                                                                                  



  • The rupee was trading at 72.69 to a dollar, against 72.98 at previous close. Intraday, it fell to 72.81, close to a record-low 72.99 hit yesterday. However, dollar sales by state-run and private lenders at various levels, likely on behalf of the Reserve Bank of India, helped stall further losses.
  • The rupee also reacted favorably to reports on India's steel ministry’s proposal to raise the effective import duty on select products to 15% from current rates between 5%-12.5%, rising to as high as 72.48 levels.


Indian Equities:-

  • Indian shares snapped a two-day losing streak on Wednesday, in line with stronger Asia, as investors looked past the latest escalation in the U.S.-China trade spat, while the rupee recovering some lost ground against the dollar also boosted sentiment.
  • The broader NSE index is lower 0.3 percent at 11,275.30 while the benchmark BSE index down 0.03 percent to 37,280.37.


Global Markets:-

  • Asian markets finished higher as of the most recent closing prices. The Hang Seng gained by 1.19% and the Shanghai Composite higher by 1.14%.
  • European markets are trading higher today. The London's FTSE100 is trading higher at 0.31% followed by the Spain's IBEX35 at 0.28%, the Germany's DAX at 0.26% and the France CAC40 at 0.24%.
  • The dollar index that came off its two-month lows to end 0.1% higher overnight was also last trading down 0.1%.
  • The benchmark Brent crude oil was last trading up 0.4% at $79.35 per barrel amid concerns that producers may find it difficult to cover supply shortfall after U.S. sanctions against Iran kick in.
  • The yuan dropped to 6.8636 against the dollar earlier today and was last trading at 6.8500.
  • Beijing announced it will impose tariffs of up to 10% on $60 billion worth of U.S. shipments with effect from next week in response to Washington’s earlier announcement of levying fresh tariffs on $200 billion of China imports.




Date : Sep-2018