Nov 06 2018

Rupee Keeps Gains Tracking Asian Peers

Financial Market Overview

6th November, 2018

Noon update

Indian Rupee:-

  • The Indian rupee stayed higher against the dollar in thin afternoon session, tracking gains in Asian peers in the run up to the U.S. mid-term election and as lower crude oil prices aided sentiment.
  • The rupee was trading at 72.96 to a dollar, against 73.12 at the previous close. The currency opened at 72.95 and has so far traded in a 14-paise range. Indian financial markets will be shut on Nov. 7-Nov. 8 for local holidays.

Indian Equities:-

  • Indian shares rose on Tuesday, boosted by strong quarterly corporate earnings so far and gains in large-cap stocks such as Reliance Industries Ltd and Tata Consultancy Services Ltd.
  • The broader NSE index was up 0.49% at 10,575.90, while the benchmark BSE index was 0.60% higher at 35,162.37.

Global Markets:-

  • Asian shares are mixed today. The Hang Seng gained 0.72% while the Shanghai Composite was 0.23% down.
  • European markets finished mixed as of the most recent closing prices. The FTSE 100 lost 0.09%, CAC gained 0.04% and the DAX gained 0.16% .
  • The benchmark Brent crude oil contract was 0.57% lower at $72.75. U.S. President Donald Trump said yesterday he wants to go a little bit slower when it comes to sanctions on Iran oil because he doesn’t want to drive up the oil prices. The new sanctions took effect yesterday, but the Trump administration granted waivers to some of Iran’s biggest oil buyers – China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey.
  • The dollar index was steady after easing 0.3% yesterday. The dollar had gained on Nov. 2 as strong non-farm payroll data boosted the likelihood of quicker U.S. rate hikes going ahead. The Federal Reserve decision is due on Nov. 8 and the central bank is expected to hold rates for now. The yield on U.S. 10 year Treasury note was at 3.2008%.
  • Eurozone finance ministers have called on Italy to change its 2019 budget before a deadline set for next week to conform with European Union rules, but Rome dug in its heels saying its disputed deficit plan would not change.