Rupee lower as Crude oil prices surged to its highest level in 31 months

27 Dec 2017 09:45 AM
Financial Market Overview 27th December, 2017 Morning Coffee:-                                                                                   MARKETS AT OPEN:- Rupee:-
  • Rupee lower, after opening little changed at 64.0650, as US crude prices jump to highest in two-and-a-half years. Pair USDINR now at 64.15 against 64.08 previous close. US benchmark crude rallies overnight for fifth straight session.
  • Pair to tip in range between 64.02-64.20 today.
Indian Equities:-
  • Equity benchmarks started off trade on a flat note on Wednesday due to lack of global and domestic cues. The 30-share BSE Sensex was up 34.98 points at 34,045.59  and the 50-share NSE Nifty fell 4.60 points to 10,526.90.. About 907 shares advanced against 334 declining shares on the BSE.
  • Vedanta, GAIL, Yes Bank, Cipla, Dr Reddy's Labs, Tata Steel, Hero Motocorp, UPL and Maruti Suzuki were early gainers. BPCL, UltraTech Cement, Indiabulls Housing, ICICI Bank, Coal India, IOC and HPCL were under pressure.
Global Markets:-
  • Asian markets are mixed today . The Hang Seng is up 0.03% . The Shanghai Composite is down 0.19% and ASX200 is trading higher  0.20%.
  • S. stocks declined on Tuesday as Apple and shares of its parts suppliers weakened on a report of soft iPhone X demand, which pulled technology shares lower. The Dow Jones Industrial Average fell 7.85 points, or 0.03 percent, to 24,746.21, the S&P 500 lost 2.84 points, or 0.11 percent, to 2,680.5 and the Nasdaq Composite dropped 23.71 points, or 0.34 percent, to 6,936.25
  • Most markets around the world, including parts of Europe and Asia, were shut on Tuesday. Trading volumes were light due to the holiday-shortened week.
  • Crude oil prices surged, with the Benchmark Brent crude oil contract briefly trading at its highest level in 31 months following news of an explosion of a Libyan crude pipeline, while the voluntary OPEC-led supply cuts also boosted prices. Some assailants blew up a pipeline in Libya yesterday, which will reduce the supply by up to 100,000 barrels per day.
  • The dollar index, which measures the greenback against a basket of six major rivals, was steady amid thin global trade, as participants across major financial centres kept away.
  • The index had ended down 0.1% overnight, with the market showing a muted reaction to Bank of Japan’s October meeting minutes that showed most policymakers were of the opinion that the central bank should maintain an easy policy.