Nov 21 2017

Rupee at 2-week high on Dollar sales

Financial Market Overview

21st November, 2017

Evening Coffee:-                                                                                      

MARKETS AT CLOSE:-

Rupee:-

  • Indian rupee rose to a more-than-two-week high against the dollar, as foreign banks sold the U.S. currency and local and regional shares gained, boosting expectations of overseas fund inflows.
  • The rupee ended at 64.8850 to a dollar, its highest since Nov. 6, against 65.11 at close yesterday. It fell to 65.12 before rising to the day’s high of 64.8850. There was some speculation that the central bank may have bought dollars through state-run banks to cap further gains in the currency, however, the same could not be confirmed. Most Asian currencies traded flat to higher against the dollar.

Indian Equities:-

  • Indian shares closed higher for the fourth straight session on Tuesday, led by gains in Reliance Industries Ltd and pharmaceutical stocks.
  • The broader NSE index ended 0.27 percent higher at 10,326.9 while the benchmark BSE index closed up 0.36 percent at 33,478.35.
  • The Nifty Pharma index ended 2.2 percent higher while Reliance extended gains into a fourth day to end up 1.3 percent after Goldman Sachs raised its target price on the stock.

Global Markets:-

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.48% while France’s CAC40 is up 0.44% and London’s FTSE 100 is up 0.13%.
  • Asian markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 1.91% while Japan’s Nikkei 225 is up 0.70% and China’s Shanghai Composite is up 0.53%.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended 0.45% higher, as the euro continued its decline. The index was last trading flat..
  • Investors also await Fed Chair Janet Yellen’s speech later today. Yellen, whose term ends in February, said yesterday she will step down from its Board of Governors once her successor is sworn into the office. President Trump has nominated Jerome Powell as Yellen’s successor, but confirmation from the Senate is still awaited.
  • The euro was last trading down 0.08% after closing 0.5% lower in an overnight trade, after German Chancellor Angela Merkel, whose conservative party lost seats in September election, said she would notify the country’s President that they would prefer a new election than ruling with a minority.