Feb 08 2019

Rupee Extends Gains With Falling Crude Oil Prices

Financial Market Overview

8th February, 2019

Noon update

Indian Rupee:-

  • The Indian rupee extended gains against the dollar in afternoon trade, as further decline in crude oil prices outweighed the impact of broad weakness in shares on trade worries.
  • The rupee changed hands at 71.10 to a dollar, against 71.45 at previous close. The currency opened at 71.38 and touched a low of 71.42 before rebounding.

Indian Equities:-

  • Indian shares weakened on Friday, dragged by Tata Motors Ltd after the automaker posted its worst quarterly loss and trimmed profit margin guidance for its British luxury car unit for the current fiscal year.
  • The broader NSE index was down 0.70% at 10,992.05, while the benchmark BSE index was 0.71% lower at 36,707.67.

 Global Markets:-

  • Asian shares were subdued following a weeklong holiday in China for the Chinese New Year. Markets in Hong Kong are also closed today. Japan’s Nikkei 225 finished lower by 2.01%.
  • European markets are mixed today. The CAC 40 is down 0.06%, London’s FTSE 100 is up 0.06% and Germany’s DAX is down 0.14% while Spain’s IBEX35 is down 0.54%.
  • The benchmark Brent crude oil prices extended decline to 0.5% to $61.32 per barrel, adding to overnight losses of 1.7%, amid worries over global economic growth even as supply cuts from U.S. sanctions on Venezuela and OPEC-led supply cut capped the fall.
  • The dollar index was trading 0.1% higher at 96.62, heading for its fifth consecutive session of gains supported by the decline in euro after the European Commission cut eurozone economic growth forecasts.