Rupee ends at record low for the 4th straight session

Rupee ends at record low for the 4th straight session

08 Oct 2018 05:57 PM
Myforexeye Research Report
Financial Market Overview

08th October, 2018

Evening Coffee:-                                                                                  



  • Indian rupee ended at a record low for a fourth day against the dollar, tracking corresponding dollar strength after China eased its domestic policy on reserve requirement ratio over the weekend. U.S. Treasury yields following upbeat U.S. economic data further boosted demand for greenback.
  • The rupee settled at a record-low 74.06 to a dollar, against 73.77 at close on Oct. 5. It fell to 74.10 intraday but managed to pare some losses on likely intervention from the central bank.

Indian Equities:-

  • Indian shares snapped three sessions of losses and ended higher on Monday, after swinging between gains and losses through the day, as oil marketing companies continued to drive gains, while metal and some non-banking financial stocks dragged the investor sentiment.
  • The Indian government on Saturday assured investors that it would not go back to regulating fuel prices, soothing market frenzy after it announced a 2.50-rupee cut in gasoline and diesel rates on Thursday.
  • While the benchmark BSE index closed up 0.28 percent at 34,474.38, the broader NSE index ended 0.31 percent higher at 10,348.05.

Global Markets:-

  • European markets are lower today. The Germany's DAX and the SMI both are down 0.85%, the France's CAC is off 0.84%, the Eurozone's STOXX50 fell 0.77%, and the Spain's IBEX35 is trading lower by 0.46%.
  • The dollar index, measured against a basket of currencies, was last trading 0.35% higher against a 0.13% decline in the previous trade.
  • The offshore Chinese Yuan fell 0.8% against the greenback after the People’s Bank of China (PBOC) announced an RRR cut by 100 basis points effective Oct. 15 following signs that growth in Asia’s largest economy is slowing down amid a trade feud with Washington. China’s financial markets were closed the whole of last week.
  • The benchmark Brent crude oil contract was trading off 1.5% at $82.87 per barrel, extending 0.5% losses in previous session, as supply worries eased on expectations that some oil exports from Iran will keep flowing even after U.S. sanctions kick in from Nov. 4.



Date : Oct-2018