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Jan 05 2018

Rupee heads for best week in 5 months

Financial Market Overview

05th January, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee is poised for its biggest weekly gain in five months against the dollar, as strength in the euro weighed on the greenback. However, dollar purchases by state-run banks, likely on behalf of the central bank, curbed the rupee’s ascent..
  • The rupee was last seen at 63.3825 to a dollar , against 63.40 at close yesterday. The currency had risen to a day’s high of 63.3225, its highest since Jul. 7, 2015, before paring gains on dollar purchases by state-run and foreign banks, dealers said. Most other Asian currencies also rose against the dollar. The rupee is on its way to marking its biggest weekly rise since the week ended Aug. 4, 2017.

Indian Equities:-

  • Benchmark indices  continued to trade higher, with the Sensex rising 140.88 points to 34,110.73 and the Nifty gaining 33.90 points at 10,538.70.
  • About 1,639 shares advanced against 1,069 declining shares on the BSE.

Global Markets:-

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.42% while France’s CAC 40 is up 0.26% and London’s FTSE 100 is up 0.15%.
  • Asian markets finished higher today with shares in Japan leading the region. The Nikkei 225 is up 0.89% while Hong Kong’s Hang Seng is up 0.25% and China’s Shanghai Composite is up 0.18%.
  • The dollar index, which measures the greenback against a basket of six major rivals, fell 0.33% in an overnight trade and was last trading little changed, as the euro inched higher amid narrowing spreads in U.S.-euro zone debt yields and strong growth data in the region.
  • Data released yesterday showed growth indicator for the euro zone – IHS Markit’s Final Composite Purchasing Managers’ Index, rose to 58.1 in December from 57.5 in November and up slightly from the flash estimate of 58.0. The data suggested a fourth-quarter economic growth of 0.8%, faster than many other developed-market economies and exceeding the median forecast of 0.6% in a poll last month. Investors eyed the release of euro zone inflation data due later in the day.
  • Markets now awaits the U.S. non-farm payrolls report, due later today, which is expected to show job gains of 190,000 for December according to economists poll.