Rupee edges higher on broad Dollar weakness

Financial Market Overview

26th March, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Rupee edges higher against the U.S. currency after trade policy uncertainty pulled the dollar index to its lowest level in a month. Pair USDINR now at 64.88 against 65.01 previous close.
  • Pair to tip in range between 64.80-65.00.

Indian Equities:-

  • Benchmark indices opened flat amid weak global cues on trade war fears, after nearly 2 percent loss seen in previous week.
  • The 30-share BSE Sensex was down 11.99 points at 32,584.55 and the 50-share NSE Nifty was down 6.55 points at 9,991.50.
  • Tata Steel, Adani Ports, Yes Bank, ONGC, Indiabulls Housing, Adani Ports, Cipla, Sun Pharma, Aurobindo Pharma and ICICI Bank gained up to 2.5% BPCL, HPCL, ITC, Kotak Mahindra Bank, Coal India, Tata Motors, Axis Bank and Dr Reddy’s Labs were under pressure.

Global Markets:-

  • Asian markets are lower today. The Shanghai Composite is down 0.31%, Hong Kong’s Hang Seng lost 0.55% and the Australian ASX200 is trading lower by 0.46%.
  • European markets finished broadly lower on Friday with shares in Germany leading the region. The DAX is down 1.77% while France’s CAC 40 is off 1.39% and London’s FTSE 100 is lower by 0.44%.
  • Wall Street tumbled on Friday as investors, increasingly nervous about a potential U.S. trade war with China, shied away from risky bets going into the weekend as they looked for shelter from further declines. The Dow Jones Industrial Average fell 424.55 points, or 1.77 percent, to 23,533.34, the S&P 500 lost 55.43 points, or 2.10 percent, to 2,588.26 and the Nasdaq Composite dropped 174.01 points, or 2.43 percent, to 6,992.67.
  • Data released on Friday showed that U.S.-made capital goods rebounded to 1.8% last month, higher than economists expectation of 0.8% polled. However, sales of new U.S. single-family homes unexpectedly dropped 0.6% to a seasonally adjusted annual rate of 618,000 units in February. Economists polled by had forecast new home sales to rise 4.4% to 623,000 units last month.
  • Dollar index edges 0.1% lower, extending losses from Friday when it closed at its lowest level in a month. Taiwan dollar and Malaysian ringgit lead regional currencies higher.