Jun 25 2018

Rupee extend losses on Dollar demand by Oil importers

Financial Market Overview

25th June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee fell further against the dollar in afternoon trade, dragged by oil importers’ greenback demand and weak investors’ appetite for risk assets amid ongoing trade war concerns between the U.S. and China.
  • The rupee was last seen at 68.12 to a dollar, from 67.8350 at previous close. It opened at 67.90 and extended losses to 68.17. Most Asian currencies also fell against the greenback.

Indian Equities:-

  • Indian shares edged lower on Monday, tracking weak Asian peers, as growing trade tensions between the United States and major economies of the world continued to dampen investors sentiment.
  • The broader NSE index was down 0.12 percent at 10,808.90, while the benchmark BSE index was 0.11 percent lower at 35,645.70.

Global Markets:-

  • Asian markets finished broadly lower today with shares in Hong Kong leading the region. The Hang Seng is down 1.29% while China’s Shanghai Composite is off 1.05% and Japan’s Nikkei 225 is lower by 0.79%.
  • European markets are lower today with shares in Germany off the most. The DAX is down 0.92% while France’s CAC 40 is off 0.69% and London’s FTSE 100 is lower by 0.68%.
  • Brent crude oil price surged more than 3% on Friday and the U.S. benchmark oil rose 4.6% after the Organization of the Petroleum Exporting Countries and its allies agreed to output increase, which was however lesser than what some analysts had expected. The oil producers, in a meeting in Vienna, agreed to raise their output from July by about one million barrels per day. However, the benchmark Brent crude was last trading down 1.7% at $74.26 per barrel.
  • The dollar index was last trading up 0.1% after dropping 0.24% on Friday, as ongoing trade tensions lifted demand for safe-haven currency such as Japanese Yen. The Japanese Yen was last trading 0.4% higher against the greenback. Traders await key U.S. economic data including the Conference Board’s consumer confidence index due tomorrow and personal consumption expenditures numbers later in the week.