Rupee Logs Worst WkIn 3 Mths On Importer Bids, Trade Data

Rupee Logs Worst WkIn 3 Mths On Importer Bids, Trade Data

18 Apr 2019 05:38 PM

Financial Market Overview

18th April, 2019

Evening Coffee

MARKETS AT CLOSE                                   

Indian Rupee

  • The Indian rupee posted its biggest weekly drop in three months against the dollar, as oil and other importers stepped up greenback purchases while trade gap widened.
  • The rupee ended higher at 69.36 to a dollar, against 69.60 at previous close on Apr. 16. The currency opened at 69.46 and traded in a 69.33 to 69.61 range today. Most Asian currencies ended mixed against the dollar. The rupee fell 0.3% this week, posting its biggest weekly fall since week ended Jan. 18. Indian financial markets were shut yesterday and will be closed tomorrow for a local holiday.
  • Weak trade data and importers’ dollar demand amid higher crude oil prices were some of the factors that kept the dollar/rupee pair higher during the week. This week being a truncated one, trading volumes too were impacted.

Indian Equities

  • After hitting record highs in the morning trade, the benchmark indices gave all the gains and remained under pressure for rest of the day on the last trading day of the week as Nifty ended at 11,752 level. At close, the Sensex was down 135.36 points at 39140.28, while Nifty was down 34.40 points at 11752.80. About 872 shares have advanced, 1662 shares declined, and 163 shares are unchanged. 
  • Market will remain shut of Friday (April 19) on account of Good Friday. Yes Bank, Indiabulls Housing, Hindalco Industries, Vedanta and Zee Entertainment were among major losers on the indices, while gainers include Reliance Industries, JSW Steel.

Global Markets

  • European markets are mixed today. The DAX is up 0.42% while the CAC 40 gains 0.26%. The FTSE 100 is off 0.05%.
  • U.S. stocks headed lower on Wednesday, as a selloff in healthcare stocks extended for a second day, overshadowing a rally in chipmakers led by Qualcomm. The S&P healthcare index tumbled 2.5%, on pace to wipe out its yearly gains over concerns about potential changes to healthcare policy as 2020 presidential election looms. The Dow Jones Industrial Average was down 4.68 points, or 0.02%, at 26,447.98. The S&P 500 was down 5.30 points, or 0.18%, at 2,901.76 and the Nasdaq Composite was down 4.48 points, or 0.06%, at 7,995.75.
  • British lenders think a slowdown in house prices will exert the biggest drag since 2012 on how many mortgages they offer, a Bank of England survey showed on Thursday, as Brexit uncertainty continues to depress the market. Lenders surveyed by the central bank last month expected to provide around as many mortgages in the second quarter as in the first three months of the year. But they predicted that expectations for house prices would be the biggest drag on mortgage supply, rather than the economic outlook or financial conditions.
  • British shoppers ignored worries about an impending Brexit deadline and spent heavily in March, official data showed on Thursday, supporting the country's sluggish economy while companies were cutting back on investment. Retail sales volumes surged by the most in nearly two-and-a-half years in annual terms, leaping by 6.7 percent. That was way above all forecasts.