Rupee little changed as foreign banks’ dollar sales offset dollar demand from state-run lenders

Rupee little changed as foreign banks’ dollar sales offset dollar demand from state-run lenders

17 Jul 2019 01:58 PM
 

Financial Market Overview

17th July, 2019

Afternoon Update 

Indian Rupee

  • The Indian rupee was trading little changed against the dollar compared to previous close as foreign banks’ dollar sales likely for custodial clients offset dollar demand from state-run lenders and a strong dollar on buoyant U.S. retail sales data.
  • The rupee changed hands at 68.75 to a dollar against 68.71 at previous close. The local unit opened flat and has traded in narrow range of 14 paise so far.

Indian Equities

  • Indian shares edged up in lackluster trade on Wednesday, amid pressure in broader Asian markets.
  • The broader NSE index was up 0.03% at 11,666.10, while the benchmark BSE index was 0.06% higher at 39,156.18.

Global Markets

  • Asian markets finished lower today as of the most recent closing time. The Nikkei 225 is off 0.31% while China's Shanghai Composite is 0.20% lower and Hong Kong's Hang Seng is down 0.22%.
  • European markets are also lower today. The FTSE 100 is off 0.18% while France's CAC 40 is down 0.05% and Germany's DAX is lower by 0.01%.
  • The benchmark Brent crude contract fell over 3% yesterday to a one-week low of $63.82 per barrel on hints that U.S. tensions with Iran could be easing and as data showed stockpiles fell by less than expected last week. The contract was last up 0.48% at $64.66 per barrel.
  • With ongoing Sino-U.S. trade tensions, impact of slowing global demand was evident after Singapore data showed exports fell more than expected in June, marking their biggest decline in six years.

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