Rupee ends steady for the week

10 Mar 2018 01:57 PM
   Weekly Synopsis   Date:- 10th March 2018   Markets from 05th March 2018 to 09th March 2018:-   Indian Rupee:-  
  • Indian rupee was little changed for the week against the dollar after two weekly losses, as a corresponding weekly gain in the dollar index on upbeat U.S. data offset gains from the ruling Bharatiya Janata Party’s victory in state polls and waning fears of a global trade war. On a weekly basis, the rupee was 0.04% higher against the greenback. The rupee closes yesterday at 65.1650 against the previous weekly close of 65.17 on March 1st, 2018 to a greenback. It trades in a weekly range between 64.87 to 64.1875 against the greenback.
  • India's foreign exchange reserves rose to $420.76 billion as of the week ended Mar. 2, from $420.59 billion in the previous week, the central bank said yesterday. The reserves had hit a fresh record high of $421.91 billion as of the week ended Feb. 2. Today’s increase was due to a rise in foreign currency assets to $395.64 billion from $395.47 billion in the previous week, according to the data from the Reserve Bank of India.
  Global Market:-  
  • The dollar fell against a basket of major currencies as data showing the U.S. economy created more than 300,000 jobs in February were offset somewhat by weaker-than-expected wage growth, denting expectations for a faster pace of inflation and rate hikes. The S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.13% to 90.12. The U.S. economy created 313,000, well above the 239,000 jobs created in January, according to a report released Friday by the U.S. Department of Labor. That beat economists’ payrolls forecast of 200,000. The jobless rate remained unchanged at 4.1%, missing economists’ forecasts for a 0.1% decline to 4%. Most of the attention, however, was focused on the average hourly earnings which grew just 0.1% in February, missing expectations for a 0.2% rise.
  • The number of people who filed for unemployment assistance in the U.S. last week rose more than expected, but still held near their lowest levels in 48 years. The number of individuals filing for initial jobless benefits in the week ending March 3 increased by 21,000 to a seasonally adjusted 231,000 from the previous week’s total of 210,000, the U.S. Department of Labor said. Analysts expected jobless claims to rise by 10,000 to 220,000 last week.
  • The euro gave up virtually all its gains against the dollar on Thursday, turning lower after ECB President Mario Draghi said monetary policy would remain "reactive" and that measures of underlying inflation remain subdued. Bond yields too partially erased their earlier rise, as markets interpreted Draghi's comments as suggesting that any policy normalization would be very gradual.
  • To celebrate the bull market's ninth birthday on Friday, the three major U.S. stock indexes ended up more than 1 percent, with the Nasdaq hitting a record high, as February's jobs report assuaged fears of inflation and aggressive interest rate hikes. The Dow Jones Industrial Average rose 440.46 points, or 1.77 percent, to 25,335.67, the S&P 500 gained 47.53 points, or 1.74 percent, to 2,786.5 and the Nasdaq Composite added 132.86 points, or 1.79 percent, to 7,560.81.
  • European markets finished mixed as of the most recent closing prices. The CAC 40 gained 0.39% and the FTSE 100 rose 0.30%. The DAX lost 0.07%.
  Local Market:-  
  • Indian shares erased early gains and closed slightly lower on Friday, dragged down by steel companies such as Tata Steel Ltd as investors kept to the sidelines due to a lack of clarity on the U.S. tariff on steel and aluminium imports.
  • The benchmark BSE index dropped 0.13 percent to 33,307.14 and the broader NSE index slipped 0.15 percent to 10,226.85, marking their seventh session of falls in eight. Both indexes shed 2.2 percent this week, in their second straight weekly fall.

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