Rupee Extends Losses As Higher Oil Eclipse Trade Relief

Rupee Extends Losses As Higher Oil Eclipse Trade Relief

03 Dec 2018 02:04 PM
Myforexeye Research Report

Financial Market Overview

3rd December, 2018

Noon update

Indian Rupee:-

  • The Indian rupee was down to 70.20 against the dollar, versus 69.59 at previous close, on greenback purchases by some foreign banks and as an uptick in crude oil prices weighed on sentiment.
  • However, a halt in trade war between the U.S. and China led to gains in most Asian currencies and restricted further losses in the rupee.

Indian Equities:-

  • Indian shares began the last month of 2018 higher on Monday, tracking upbeat mood in broader Asian markets as truce talks between U.S. and Chinese leaders at the G20 summit boosted sentiment in commodity and IT stocks.
  • However, in the afternoon trade, the benchmark BSE Sensex and the broader NSE index were trading 0.15% and 0.16% lower at 10859.35 and 36138.62, respectively, tracking losses in index heavyweight Reliance Industries as well as pharma giant Sun Pharma.

Global Markets:-

  • Asian markets are higher with shares in China leading the region. The Shanghai Composite is up 2.57% while Hong Kong's Hang Seng is up 2.45%.
  • European markets are also higher today. The DAX was up 2.51% while the FTSE 100 gained 2.03%. The CAC 40 was up 2.19% and IBEX35 gained 1.68%.
  • The benchmark Brent crude oil prices jumped sharply as U.S. and China agreed on a 90-day truce at last week’s G-20 summit, which has eased trade war fears for the time being. The benchmark Brent crude oil contract rose comfortably above $60 per barrel mark after posting its worst fall in a decade in November, and was last trading up 4.78% at $62.30 per barrel, its highest level in over two weeks.
  • The dollar index was trading 0.3% lower at 96.94, after rising over half-a-percent at previous close.




Date : 3-Dec-2018