Rupee Extends Gain On Bunched-Up Dollar Inflows

Rupee Extends Gain On Bunched-Up Dollar Inflows

20 Feb 2019 01:52 PM

Financial Market Overview

 20th February, 2019

 Noon update

 Indian Rupee:-

  • The Indian rupee extended gains against the dollar in afternoon trade, as foreign and private banks sold the greenback, leading to bunched-up inflows after a holiday, while focus remained on the Federal Reserve’s January meeting minutes.
  • The rupee changed hands at 71.19 to a dollar, against 71.34 at previous close. It opened at 71.29, briefly declining to the day’s low of 71.33 before gaining to 71.16. Indian money markets were shut yesterday for a local holiday while U.S markets were shut on Feb. 18.

Indian Equities:-

  • Indian shares edged higher on Wednesday, taking cues from other Asian stocks that rallied as investors bet the latest round of talks between the United States and China would yield a trade deal, putting an end to a protracted tariff war.
  • The broader NSE index rose 0.70% to 10,678.25, while the benchmark BSE index gained 0.67% to 35,587.79.

Global Markets:-

  • Asian markets finished higher on Tuesday with shares in Hong Kong leading the region. The Hang Seng is up 0.86% while Japan's Nikkei 225 is up 0.60% and China's Shanghai Composite is up 0.20%
  • European markets are also higher today. The CAC 40 is up 0.22% while the DAX gains 0.33%. The FTSE 100 is up 0.23% and the IBEX35 is 0.17% higher.
  • The Benchmark Brent crude oil contract continued to trade above the $66-per-barrel mark amid upward pressure from supply cuts led by producer Organization of the Petroleum Exporting Countries. The Brent crude oil contract was last trading 0.06% lower at $66.41 per barrel, hovering near three-month highs.
  • U.S. President Donald Trump said talks with China were going well. Additionally, Trump signaled once again that he was flexible on the Mar. 1 deadline for increasing tariffs on China shipments.
  • The Chinese yuan traded 0.5% higher leading the gains in the Asian currencies while the dollar index traded little changed at 96.50 ahead of Fed’s January meeting minutes, after falling 0.4% yesterday.




Date : 20-Feb-2019