Rupee Extends Gains On Exporters’ Dollar Sales; Fed Meet Eyed

Rupee Extends Gains On Exporters’ Dollar Sales; Fed Meet Eyed

18 Dec 2018 01:58 PM
 

Financial Market Overview

18th December, 2018

Noon update

Indian Rupee:-

  • The Indian rupee extended gains against the dollar in thin afternoon trade, on greenback sales by exporters that added to early gains triggered by lower crude oil prices and weak U.S. economic data.
  • The rupee changed hands at 71.00 to a dollar, from 71.5450 at close yesterday. It opened at 71.33 and touched a high of 70.98.

Indian Equities:-

  • Indian shares followed other Asian equities into negative territory, amid concerns that global economic growth was weakening and as investors booked profits after five straight days of gains.
  • The broader NSE index fell 0.22% to 10,863.90, and the benchmark BSE index was 0.21% lower at 36,195.55.

Global Markets:-

  • Asian markets are lower today with shares in Japan leading the region. The Nikkei 225 is down 1.82% while Hong Kong's Hang Seng is off 0.96% and China's Shanghai Composite is lower by 0.82%
  • European markets are also lower today. The DAX was down 0.26% while the FTSE 100 lost 0.45%. The CAC 40 was down 0.47% while IBEX35 lost 0.31%.
  • Crude oil prices slipped further today and was headed for a third day of losses. Poor risk appetite and worries over increasing U.S. shale supply triggered a 2.5% fall in the U.S. benchmark oil yesterday. It was last trading down at $48.89 per barrel, while the benchmark Brent crude oil was trading 2.03% lower at $58.40.
  • The dollar index traded little changed after dropping 0.4% yesterday as data supported concerns that the U.S. economy was headed for a slowdown.
  • The U.S. central bank will almost certainly raise interest rates for the fourth time this year at the conclusion of its meeting tomorrow and may scale back its projections of interest-rate increases for next year. U.S. President Donald Trump in a tweet last night criticized the Fed again saying that the authority is considering further tightening at a time of political uncertainties and global economic conditions.

 

 

 

 


Date : 18-Dec-2018

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