Rupee closed little changed as importers' bids overshadow weak dollar

Rupee closed little changed as importers' bids overshadow weak dollar

21 Aug 2018 06:11 PM
Myforexeye Research Report

Financial Market Overview

21st August, 2018


  • The Indian rupee was little changed against the dollar, as importers’ greenback demand offset early gains from broad weakness in the U.S. currency after President Donald Trump criticised the Federal Reserve’s policy on interest rate increases.
  • The rupee settled at 69.81 to a dollar, against 69.82 at close yesterday. It opened higher at 69.66 and extended gains to 69.53, highest since Aug. 13, before falling to the day’s low of 69.88.

Indian Equities:-

  • A quiet day of trade it is for the market on Tuesday, as benchmarks closed with minimal gains. This, after they clocked fresh record highs in the opening minutes before giving up almost all of the gains.
  • The Sensex is up 7.00 points or 0.02% at 38285.75, while the Nifty is up 19.10 points or 0.17% at 11570.90. The market breadth is negative as 1,320 shares have, against a decline of 1,373 shares, while 180 shares were unchanged

Global Markets:-

  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.31% while Hong Kong's Hang Seng is up 0.56% and Japan's Nikkei 225 is up 0.09%.
  • European markets are mixed today. The CAC 40 is up 0.73% while the DAX gains 0.60%. The FTSE 100 is off 0.18%.
  • Most Asian currencies were trading higher, including the Chinese yuan, which was poised for a third day of advance. It rose 0.3% to 6.8541 against the dollar ahead of lower-level trade talks between Chinese and U.S. officials in Washington, which were scheduled for tomorrow and day after.
  • The Fed has increased interest rates twice this year and his comments came ahead of a near-certain third rate increase next month and possibly another one in December.Minutes of the Fed’s latest meeting are due tomorrow, while Powell will speak later this week at the U.S. central bank’s annual policy symposium.
  • The dollar index was last trading down 0.4%, extending an overnight fall of 0.2%, after Trump said the U.S. central bank should do more to support the world’s largest economy and he was “not thrilled” with the Fed under his selected Chairman Jerome Powell, for raising interest rates.




Date : Aug-2018