Apr 17 2018

Rupee at over 6-month low on foreign bank Dollar bids

Financial Market Overview

17th April, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee extended losses to a fresh over-six-month low against the dollar in afternoon trade, on greenback purchases by foreign banks tracking losses in deliverable forwards trade, even after an overnight dollar sell-off.
  • The rupee was last seen at 65.66 to a dollar, against 65.49 at previous close. The local unit had surged to 65.41 to a dollar earlier today, before falling to the day’s low of 65.68. Most Asian currencies were trading mixed against the greenback.

Indian Equities:-

  • Benchmark indices continued to trade in a tight range as investors await more corporate earnings scheduled to be announced over the next one and half months.
  • The rupee was last seen at 65.66 to a dollar, against 65.49 at previous close. The local unit had surged to 65.41 to a dollar earlier today, before falling to the day’s low of 65.68. Most Asian currencies were trading mixed against the greenback.

Global Markets:-

  • European markets are mixed today. The DAX is up 0.62% while the CAC 40 gains 0.30%. The FTSE 100 is even.
  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.06%, while the Shanghai Composite led the Hang Seng lower. They fell 1.41% and 0.83% respectively.
  • The number of people in employment in the UK rose 55,000 in the three months to March, in line with expectations. The claimant count, which measures the change in the number of people claiming unemployment benefits fell to 11,600 from 15,100 in the three months to February.
  • UK Average earnings, excluding bonuses, rose by an annual 2.8% in the three months to February, compared with 2.6% in the three months to January. Including bonuses, pay growth rose by an annual 2.8%.
  • The dollar index, which measures the greenback against a basket of six major rivals, fell 0.4% overnight, marking its largest single-session decline in over three weeks. It was last trading down 0.2%.