Rupee Extends Fall On Likely Ease In Flows, Upbeat US Data

12 Apr 2019 02:20 PM

Financial Market Overview

 12thApril, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee extended fall against the dollar in afternoon trade, as inflows into local assets likely eased and upbeat data from the U.S. lifted demand for greenback.
  • The rupee changed hands at 69.22 to a dollar at 1.07 p.m. in Mumbai, from 68.92 at the previous close. The local unit opened lower at 69.04 per dollar and extended losses to 69.37.

Indian Equities

  • The Indian market was little changed in lacklustre trade on Friday, but was heading for a first weekly fall in eight.
  • The broader NSE index was up 0.14 percent at 11,613.10, while the benchmark BSE index was 0.18 percent higher at 38,674.91.Both indexes are on track to close lower after seven straight weekly gains, which saw the BSE index gaining 8.5 percent and NSE index rising 8.8 percent.

Global Markets

  • Shares in Hong Kong are lower today as the Hang Seng falls 0.21%. The stock markets in Tokyo and Shanghai are closed higher by 0.73% and lower by 0.18% respectively.
  • European markets are mixed to lower. Shares in Germany are off as the DAX drops 0.31%. The CAC 40 is down 0.17% while the FTSE 100 in London is unchanged.
  • The benchmark Brent crude contract was up 0.62% at $71.27 per barrel, after dropping 1.3% yesterday and hitting a five-month high of $71.78 earlier this week. India imports 80% of its crude oil requirements.
  • The dollar has been sagged in recent sessions amid dovish shift by the Federal Reserve amid concerns over global economic growth, which was reinforced in minutes released by the authority earlier this week. It was last trading 0.1% lower at 97.02.
  • China's exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace, painting a mixed picture of the economy as trade talks with the United States reach their endgame.
  • Japan's exports likely contracted for a fourth straight month in March, a Reuters poll predicted on Friday, underlining worries that weak external demand and trade frictions could stunt its economic recovery.