Rupee edges higher as Dollar slips ahead of US tax bill vote

19 Dec 2017 09:50 AM
Financial Market Overview 19th December, 2017 Morning Coffee:-                                                                                   MARKETS AT OPEN:- Rupee:-
  • Indian rupee edged higher in early trades, as the dollar slipped amid doubts over the overall impact of the proposed U.S. tax overhaul on the world’s largest economy. Pair USDINR now at 64.17 against 64.24 previous close.
  • Pair to tip in range between 64.10-64.30 today.
Indian Equities:-
  • Equity benchmarks extended previous day's rally on Tuesday opening, with the Sensex rising more than 100 points, following positive global cues.
  • The 30-share BSE Sensex was up 112.49 points at 33,714.17 and the 50-share NSE Nifty rose 35.90 points to 10,424.70. About 786 shares advanced against 221 declining shares on the BSE.
  • Eicher Motors, UPL, Aurobindo Pharma, Vedanta, Tata Motors, Tata Steel, SBI and Yes Bank were early gainers while Bharti Airtel, HDFC, TCS, Wipro and Infosys were losers. M&M, PI Industries and Titan Company hit fresh record highs.
Global Markets:-
  • Asian markets are higher today . The Hang Seng is up 0.73% . The Shanghai Composite gains 0.53% and ASX200 is trading higher  0.65%.
  • Wall Street closed at record highs amid sustained optimism about the likelihood of lower corporate tax rates as the Republican tax bill moved closer to passage. The Dow Jones Industrial Average  rose 140.46 points, or 0.57 percent, to 24,792.2, the S&P 500 gained 14.35 points, or 0.54 percent, to 2,690.16 and the Nasdaq Composite added 58.18 points, or 0.84 percent, to 6,994.76.
  • European markets finished broadly higher yesterday with shares in Germany leading the region. The DAX is up 1.59% while France's CAC 40 is up 1.33% and London's FTSE 100 is up 0.62%.
  • Over the weekend, John Cornyn, the No. 2 U.S. Senate Republican, and Republican Representative Kevin Brady, in separate statements said they expect lawmakers to pass a tax code overhaul this week. The House of Representatives is expected to adopt the bill and due to vote first today. The Senate vote is expected to follow either later on today or tomorrow.
  • However, the dollar index, which measures the greenback against a basket of six major rivals, ended 0.25% lower in an overnight trade, amid concerns over the bill’s economic impact.
  • Meanwhile, Minneapolis Federal Reserve Bank President Neel Kashkari said yesterday he was concerned over weak inflation and a flattening of the yield curve, hence he voted against the Federal Reserve’s decision to increase interest rates.