Daily Forex Report
Apr 16 2018

Rupee edges lower tracking weak Asian cues

Financial Market Overview

16th April, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee edges lower against the dollar, in line with Asian peers, as demand for the greenback may rebound amid bets that the situation involving the U.S. and Syria may not escalate further. Pair USDINR now at 65.38 against 65.20 previous close.
  • India’s trade deficit in the fiscal year that ended Mar. 31 widened as import growth outpaced exports. Data released on Friday showed the nation’s trade gap widened 44.54% annually to $156.83 billion, as imports accelerated 19.59% to $459.67 billion, faster than the 9.8% expansion in exports to $302.84 billion.
  • Pair to tip in range between 65.25-65.45.

Indian Equities:-

  • Equity benchmarks opened lower, with the Sensex falling below 34,000 levels following negative lead from SGX Nifty futures and global stocks.
  • The 30-share BSE Sensex was down 229.59 points at 33,963.06 and the 50-share NSE Nifty fell 66.20 points to 10,414.40.

Global Markets:-

  • Asian markets are mixed today. The Shanghai Composite is down 1.50%  the Hong Kong’s Hang Seng lost 1.42% and the Australian ASX200 is trading higher by 0.26%.
  • European markets finished higher on Friday with shares in Germany leading the region. The DAX is up 0.22% while France’s CAC 40 is up 0.11% and London’s FTSE 100 is up 0.09%.
  • Financial stocks led a drop on Wall Street on Friday as results from big banks failed to provide enthusiasm and fear of broader conflict in Syria further unnerved investors. The Dow Jones Industrial Average fell 122.81 points, or 0.5 percent, to 24,360.24, the S&P 500 lost 7.69 points, or 0.29 percent, to 2,656.3 and the Nasdaq Composite dropped 33.60 points, or 0.47 percent, to 7,106.65.
  • On Saturday, the U.S., along with allies France and Britain, launched missiles that reportedly targeted chemical weapon facilities in Syria, in retaliation for a suspected poison gas attack earlier in the month. President Donald Trump on Sunday defended his use of the phrase “Mission Accomplished” to describe a U.S.-led missile attack on Syria’s chemical weapons program.