Rupee extend its gains on crude oil decline; Fed chair statement eyed

Rupee extend its gains on crude oil decline; Fed chair statement eyed

17 Jul 2018 02:35 PM
Myforexeye Research Report

Financial Market Overview

17th July, 2018

Noon Update:-                                                                                  



  • Indian rupee extend its gains in afternoon session by rising to a three-week high against the dollar, as global crude oil prices extended overnight decline while the dollar index is trading lower ahead of the Federal Reserve Chairman Jerome Powell's first congressional testimony.
  • The rupee was last seen at 68.36 to a dollar, against 68.57 at previous close. It opened higher at 68.39 and briefly fell to an intraday low of 68.4550, on greenback demand from foreign banks and some importers, before rising to the day’s high of 68.28, its highest since Jun. 26. Most Asian currencies were also trading higher against the greenback today.

Indian Equities:-

  • The market continues to trade in a narrow range in afternoon session and has held on to its morning gains.
  • The Sensex is up 32.76 points or 0.09% at 36356.53, and the Nifty gains 25.10 points or 0.23% at 10961.95. The market breadth is narrow as 1151 shares have advanced, 1112 shares have declined, and 133 shares are unchanged.

Global Markets:-

  • Asian markets finished lower today. The Hong Kong's Hang Seng closed down 1.35% and the Shanghai Composite ended the session lower by 0.05%.
  • European markets are lower today with shares in France off the most. The CAC 40 is down 0.18% while London's FTSE100 is off 0.12% and Germany's Dax is lower by 0.01%.
  • The benchmark Brent crude oil contract was trading off 0.24% at $71.67 a barrel, extending an overnight slump of 4.6%, amid reported comments by the U.S. Treasury Secretary Steve Mnuchin that some oil buyers may possibly receive waivers to continue purchasing from Iran supplies despite the American sanctions.
  • The dollar index ended little changed overnight and was last trading off 0.12% ahead of Fed chair Powell's first congressional testimony. Powell will testify on the economy and monetary policy before the U.S. Senate Banking Committee later today, followed by testimony to the House of Representatives Financial Services Committee tomorrow.

Date : Jul-2018

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