Rupee Falls To 1-Week Low On Importers’ Dollar Bid

Rupee Falls To 1-Week Low On Importers’ Dollar Bid

15 Apr 2019   5:39 PM

Financial Market Overview

15th April, 2019

Evening Coffee

MARKETS AT CLOSE                                   

Indian Rupee

  • The Indian rupee fell for a second session to close at a one-week low against the dollar, as oil and other importers stepped up mid-month greenback purchases.
  • The rupee ended at 69.42 to a dollar, its lowest since Apr. 8, against 69.15 at the previous close. The local unit opened higher at 69.07 but fell to day’s low of 69.45. Most Asian currencies ended mixed against the greenback. Some mid-month dollar demand from importers and crude oil prices hovering near $71 per barrel weighed on the rupee. While depreciation was also due to some outflows happening in the market “All eyes are now set on the release of the trade data and if the exports rise accompanied by slight fall in imports, then rupee’s appreciation is likely.

Indian Equities

  • Benchmark indices ended higher but off day's high on Monday with Nifty finished below 11,700 level. At close, the Sensex was up 138.73 points at 38905.84, while Nifty was up 46.90 points at 11,690.40. 
  • About 1454 shares have advanced, 1129 shares declined, and 184 shares are unchanged. Tata Motors, TCS, Coal India, Tata Steel and Kotak Mahindra Bank were among major gainers on the Nifty, while losers were Infosys, Bharti Infratel, Sun Pharma, IOC and Yes Bank.
  • Among the sectors, metal space led the gainers as it ended 2 percent higher followed by auto, IT, infra and bank, while energy and pharma ended with marginal loss.

Global Markets

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.22% while France's CAC 40 is up 0.20% and London's FTSE 100 is up 0.09%.
  • In the wake of breaking above channel resistance from the October peak on April 1, Dow Futures reached 26,509. Back and fill over the past week to a low of 26,060 saw them flirt with the broken channel line, now acting as support, at about 26,045. This just as it was crunch time for the S&P 500.With Friday's pop, the Futures can be making a play to exceed 26,509 and challenge their 26,966 October record high in due course. That high is just ahead of a resistance line from early 2018 now at about 27,200. The Dow Industrials Dow Futures still have momentum issues.
  • Moving slowly in the fog of Brexit and slowing global growth, Britain's economy is increasingly reliant on consumers and their spending as business investment and exports fade.The world's fifth-biggest economy grew 1.4 percent in 2018, the weakest increase in six years, and it looks set to slow further in 2019.On Wednesday, the European Union delayed Britain's departure from the bloc until the end of October, but scepticism runs high that lawmakers in London can form a consensus over Brexit. 
  • Sales of private homes by developers in Singapore rose 47.2 percent in March from a year earlier, government data showed on Monday. Data compiled by the Urban Redevelopment Authority showed developers sold 1,054 units last month, compared with 716 units in the same month a year earlier. The level of sales more than doubled from the 455 units sold in the previous month.