daily forex news
Apr 11 2018

Rupee lower as Crude oil hits 3-year high

Financial Market Overview

11th April, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee is trading lower against the dollar in opening trades as crude oil prices jumped to more-than-three-year highs. Pair USDINR now at 65.08, against 64.9850 previous close.
  • Pair to tip in range between 65.00-65.20.

Indian Equities:-

  • Equity benchmarks extended gains in opening on Wednesday, following positive lead from Wall Street.
  • The 30-share BSE Sensex rose 90.78 points to 33,971.03 and the 50-share NSE Nifty gained 21.10 points at 10,423.40.
  • ICICI Bank, SBI and HDFC Bank were early losers while ONGC, Hindalco, Nalco, Tata Steel, Infosys, L&T, Dr Reddy’s Labs and Titan Company gained.

Global Markets:-

  • Asian markets are mixed today. The Shanghai Composite is up 0.90%  the Hong Kong’s Hang Seng gains 0.80% while the Australian ASX200 is trading lower by 0.31%.
  • European markets finished broadly higher today with shares in Germany leading the region. The DAX is up 1.11% while London’s FTSE 100 is up 1.00% and France’s CAC 40 is up 0.84%.
  • S. stocks climbed on Tuesday as investor concerns about rising trade tensions between the United States and China eased after Chinese President Xi Jinping promised to cut import tariffs. The Dow Jones Industrial Average rose 428.76 points, or 1.79 percent, to 24,407.86, the S&P 500 gained 43.69 points, or 1.67 percent, to 2,656.85 and the Nasdaq Composite added 143.96 points, or 2.07 percent, to 7,094.30.
  • Crude oil prices will draw the attention of traders with the nearest-month Brent crude contract jumping by 3.5% in the previous session to $71.04, its highest since December 2014. The rally comes amid concerns that rising Middle East tensions could disrupt supplies.
  • Earlier today, China reported that annual consumer inflation slowed to 2.1% in March, down from 2.9% in prior month and below the 2.6% expected by economist poll. Producer prices rose by 3.1%, down from 3.7% in February..
  • China’s central bank said it will raise foreign ownership limits to 51% in securities, fund management, futures and life insurance over the next few months and will allow foreign investors in trust, financial leasing, auto finance, and consumer finance by end of 2018.