Rupee ends at record low as oil surges to near 4-year high

Rupee ends at record low as oil surges to near 4-year high

03 Oct 2018 05:53 PM
Myforexeye Research Report

Financial Market Overview

3rd October, 2018

Evening Coffee



  • The Indian rupee ended at a record low against the dollar, falling below the key 73-level for the first time, as crude oil prices jumped to near four-year high that added to current account risks.
  • The rupee ended at a record-low 73.34 to a dollar, against 72.91 at previous close, after a finance ministry official said the central bank wasn’t in favour of a special dollar swap window for state-run fuel retailers. 

Indian Equities:-

  • Indian shares ended lower on Wednesday, dragged by financials and IT stocks, as sentiment was dented after crude prices hovered near a four-year high, while investors kept a cautious stance ahead of the central bank policy meet this week.
  • The benchmark BSE index closed down 1.51 percent at 35,975.63. The broader NSE index ended 1.36 percent lower at 10,858.25, closing below 10,900 level for the first time in nearly three months.

Global Markets:-

  • European markets are higher as French and British shares show gains. The CAC 40 is up 0.63% while the FTSE 100 is up 0.59%. The German DAX is closed.
  • The benchmark Brent crude oil contract was last trading at $84.68 a barrel, close to $85.45 hit on Oct. 1, highest since end-October 2014. Anticipation of supply disruptions prompted by Washington’s impending sanctions on Iran have prompted oil prices to rise almost 10% over the last one month.
  • The dollar index was trading little changed at 95.54 today. The index witnessed losses in early trade tracking a corresponding jump in the euro amid reports that Italy may cut its budget deficit to 2% of gross domestic product by 2020 from the earlier announced 2.4%.
  • Markets will watch for a host of U.S. economic data due this week, including the crucial non-farm payroll data on Oct. 5.




Date : 3-Oct-2018