Rupee Lower On Corporate, Offshore Dollar Demand

Rupee Lower On Corporate, Offshore Dollar Demand

21 Dec 2018 01:53 PM

Financial Market Overview

21st December, 2018

Noon update

Indian Rupee:-

  • The Indian rupee fell against the dollar amid demand for the U.S. currency from importers, which overshadowed Brent crude oil’s decline to new year-to-date lows.
  • The rupee was trading at 70.15 to a dollar, against its previous close of 69.70, shrugging off the dollar’s decline against most regional currencies.

 Indian Equities:-

  • Indian shares fell over 1% on Friday, tracking broader Asia, as investors remained jittery amid uncertain global cues on the possibility of a U.S. government shutdown and further rate hikes by the Federal Reserve next year.
  • The broader NSE index was down 1.12% at 10,828.60, while the benchmark BSE index was trading 1.08% lower at 36,037.96.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.71%, while the Nikkei 225 led the Shanghai Composite lower. They fell 1.11% and 0.79% respectively.
  • European markets are mixed today. The DAX was down 0.32% while the FTSE 100 gained 0.31%. The CAC 40 was down 0.29% while IBEX35 lost 0.16%.
  • Brent tumbled 5% yesterday to take its decline this quarter to near 34%. It was last trading at $54.88 per barrel in early Asian trading on Friday, up 0.98% from the previous close.
  • Meanwhile, the dollar index declined further to 96.30 after suffering its biggest decline in seven weeks in the previous session. The 0.8% decline on the index yesterday came amid fears of an imminent U.S. government shutdown and bets that tumbling U.S. equities will force the Federal Reserve to scale back interest rate increase projections further.
  • China, the world’s top oil importer, is set to start 2019 buying little or no crude from the United States despite a three-month truce in a trade scrap between the two nations, with relatively high freight costs and political uncertainty choking demand.





Date : 21-Dec-2018