Rupee logs biggest single day gain in 4 weeks; Indian equities post record closing high

30 Oct 2017 12:13 PM
Financial Market Overview 30th October, 2017 Evening Coffee:-                                                                                       MARKETS AT CLOSE:- Rupee:-
  • The Indian rupee posted its biggest single-day rise in nearly four weeks against the dollar, tracking gains in other Asian currencies, as caution ahead of the Federal Reserve policy meet and speculation over the next chief of the U.S. central bank put brakes on the greenback’s rally.
  • The rupee settled at 64.85 to a dollar, against 65.05 at close on Oct. 27. The currency rose 0.3%, marking its biggest single-session gain since Oct. 4. The rupee had opened at 64.88, but fell to a day’s low of 64.95 on oil importers’ dollar demand, before rising to a high of 64.79.
Indian Equities:-
  • Indian shares ended at record closing highs on Monday, driven by gains in state-owned lenders as the government's recapitalisation plan continued to lift sentiment, while energy stocks gained on higher crude prices.
  • The benchmark BSE index closed up 0.33 percent at 33,266.16, while the broader NSE index ended 0.39 percent higher at 10,363.65.
Global Markets:-
  • European markets are mixed. The DAX is higher by 0.12%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.28% and 0.03% respectively.
  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.01%, while the Shanghai Composite led the Hang Seng lower. They fell 0.77% and 0.36% respectively.
  • The dollar index, which measures the greenback against a basket of six major rivals, had risen 0.3% on Oct. 27, closing at an over-three-month high of 94.92, after data showed the U.S. economy expanded at an annual pace of 3% during July-September for a second straight quarter, despite two hurricanes. However, the index was last trading down 0.20%. According to latest media reports, U.S. President Donald Trump is leaning towards nominating Fed Governor Jerome Powell as the next Fed chief. Trump is expected to make his announcement later this week.
  • The Federal Reserve’s two-day policy meeting starts tomorrow.