Rupee edges higher in choppy trade despite Oil and Bank bids

Rupee edges higher in choppy trade despite Oil and Bank bids

04 Jun 2018 02:43 PM
Myforexeye Research Report

Financial Market Overview

04th June, 2018

Noon Update:-                                                                                  



  • Indian rupee was trading higher against the dollar in a choppy afternoon trade, as foreign banks’ dollar purchases and oil-related bids tested gains following a rally in global equities on better-than-expected U.S. jobs data.
  • The rupee was last seen at 67.03 to a dollar against 67.06 at previous close. It rose to as high as 66.84 soon after opening, also its highest level since May 7, before paring gains on oil-related greenback demand.
  • Traders await outcome from India’s Monetary Policy Committee’s three-day meeting that starts today. Economists are currently divided over whether rate-setting panel will raise rates by quarter percentage points or wait till its next policy meeting in August to assess the outlook on core inflation.

Indian Equities:-

  • The market is mildly under pressure amid consolidation in afternoon trade, with the Nifty struggling below 10,700 levels. Banks are pulling the market lower as the Nifty Bank index slips 300 points while Midcap index extends losses to 150 points.
  • The Sensex was down 95.05 points at 35132.31, and the Nifty was down 38.50 points at 10657.70.

Global Markets:-

  • Asian markets finished higher as of the most recent closing prices. The Hang Seng gained 1.66%, while the Nikkei 225 led the Nikkei 225 higher. They gains 1.37% and 0.52% respectively.
  • European markets are trading higher today with shares in London leading the region. The FTSE100 is up 0.76% while Germany's DAX is up 0.28% and France's CAC40 is up 0.35%.
  • Activity in the UK construction sector held steady last month, according to a closely watched business survey released on Monday. Research firm IHS Markit said its construction purchasing managers’ index remained unchanged at 52.5 in May, compared to forecasts for a reading of 52.0.

Date : Jun-2018