Rupee edges higher, helped by decline in Oil prices

Rupee edges higher, helped by decline in Oil prices

28 May 2018 09:55 AM
Myforexeye Research Report

Financial Market Overview

28th May, 2018

Morning Coffee:-                                                                                  



  • Indian rupee edges higher against the dollar, helped by the decline in Brent crude and 10-year U.S. yields to their lowest level in three weeks. Pair USDINR now at 67.35 against 67.7750 previous close.
  • Pair to tip in range between 67.20-67.50.

Indian Equities:-

  • Benchmark indices started off trade on a positive note on Monday, following sharp correction in oil prices and recovery in rupee.
  • The 30-share BSE Sensex gained 107.70 points at 35,032.57 and the 50-share NSE Nifty rose 44.50 points to 10,649.70.

Global Markets:-

  • Asian markets are mixed today. The Hong Kong Hang Seng gains 0.25% , the Shanghai Composite is up 0.18% while the Australain ASX is trading lower by 0.55%.
  • European markets finished mixed as of the most recent closing prices on Friday. The DAX gained 0.65% and the FTSE 100 rose 0.18%. The CAC 40 lost 0.11%.
  • The S&P 500 index and the Dow eased on Friday after a steep drop in oil prices pressured energy stocks, but losses were limited by gains in chipmakers and retail stocks. The Dow Jones Industrial Average fell 58.67 points, or 0.24 percent, to 24,753.09, the S&P 500  lost 6.43 points, or 0.24 percent, to 2,721.33 and the Nasdaq Composite  added 9.43 points, or 0.13 percent, to 7,433.85.
  • Brent crude fell below $75 per barrel in Asian hours, poised for a third day of losses. It has fallen almost 7% from its recent highs amid expectations of major oil producers ramping up production. Saudi Arabia and Russia are discussing raising OPEC and non-OPEC oil production by around 1 million barrels a day, Reuters reported. Russia’s energy minister last week talked of increasing output if the oil producing nations reckoned that the inventory overhang had cleared out.
  • A key gauge of U.S. consumer confidence was unexpectedly revised lower in May, according to a survey released on Friday. The University of Michigan's consumer confidence index was revised down to 98.0from 98.8.
  • Orders for durable goods, which are meant to last at least three years, fell in April, according to data released on Friday. Durable-goods orders fell 1.7% last month, the Commerce Department said. Economists had forecast a 1.4% decrease.

Date : May-2018