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Feb 22 2018

Rupee extend losses on Oil importers and foreign banks Dollar demand

Financial Market Overview

22nd February, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee extended losses against the dollar in afternoon trade, as oil importers and foreign banks stepped up greenback purchases after the Federal Reserve minutes supported bets for faster rate hikes this year amid economic growth expectations.
  • Rupee was last seen at 65.05 to a dollar, against 64.76 at the previous close. The rupee slipped below its psychologically key 65 level for first time since Nov. 21, hitting day’s low of 65.10, but pared some losses after at least two large state-run banks sold dollars, likely on behalf of the Reserve Bank of India. Most other Asian peers were trading in the red.

Indian Equities:-

  • The Sensex is down 98.09 points or 0.29% at 33746.77, and the Nifty down 34.50 points or 0.33% at 10362.95.
  • The market breadth is negative as 973 shares have advanced, 1485 shares declined, and 222 shares are unchanged.

Global Markets:-

  • European markets are lower today with shares in London off the most. The FTSE 100 is down 0.86% while Germany’s DAX is off 0.84% and France’s CAC 40 is lower by 0.63%.
  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 2.17%, while the Hang Seng led the Nikkei 225 lower. They fell 1.48% and 1.07% respectively.
  • German business confidence deteriorated in February, according to survey data released on Thursday. The Munich-based Ifo economic institute said its business climate index, based on a monthly survey of companies, fell to 115.4 from 117.6 in January. The reading was economists’ expectations for 117.1.
  • The dollar index, which measures the greenback against a basket of six major rivals, traded at a one-week high before ending up 0.32% overnight and was last trading up 0.22%, headed for its third consecutive session of gains.