Nov 16 2018

Rupee Extends Gain On Dollar Sales By Corporates, Exporters

Financial Market Overview

16th November, 2018

Noon update

Indian Rupee:-

  • The Indian rupee extended early gains against the dollar in afternoon trade, helped by greenback sales by foreign and state-run banks likely for their corporate and exporter clients. However, greenback purchases by some state-run banks limited further gains.
  • The rupee changed hands at 71.82 to a dollar, its highest since Sep. 21, against 71.98 at close yesterday. It opened at 71.99 and extended gains to 71.7550.

Indian Equities:-

  • Indian shares rose to their highest in over four weeks on Friday and were headed for their third straight weekly gain, boosted by a surge in top financial and energy stocks.
  • The broader NSE index and the benchmark BSE index were both 0.63% higher at 10,683.25 and 35,484.34 respectively.

Global Markets:-

  • Most Asian shares also traded in green. The Hang Seng gained 0.10% and the Shanghai Composite was up 0.41%.
  • European shares are trading higher today. The London’s FTSE 100 gained 0.63%, France’s CAC gained 0.62% while Germany’s DAX was 0.67% higher and Spain’s IBEX35 was 0.43% higher.
  • The Brent crude oil contract, heading for its sixth straight weekly decline, was last 1.65% higher at $67.72 per barrel. Since climbing to multi-year highs in early October, Brent crude oil prices have fallen by more than 25% until this week amid concerns over demand outlook and oversupply.
  • The dollar index was trading flat after edging 0.1% higher overnight. The dollar index remained volatile in overnight trade following media reports that the next round of U.S. tariffs on China was on hold, which was later denied by U.S. Trade Representative Robert Lighthizer.
  • The pound was up 0.2% at 1.2790 after tumbling by over 1.5% yesterday.