Jun 05 2018

Rupee off day’s low on Dollar sales by foreign banks

Financial Market Overview

05th June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee came off the day’s low against the dollar in afternoon trade, as greenback sales by foreign banks tracking a decline in dollar index trimmed some early losses trigged by importers’ bids. Investors were also cautious ahead of the rate-setting Monetary Policy Committee’s review decision tomorrow.
  • The rupee was last seen at 67.16 to a dollar, from 67.11 at previous close. It opened at 67.07 and had fallen to the day’s low of 67.22. Most other Asian currencies were trading mixed against the dollar.
  • The seasonally adjusted Nikkei India Services Business Activity Index fell to 49.6 in May from 51.4 in April, indicating a marginal contraction in business activity, following a two-month period of growth.

Indian Equities:-

  • The market has continued to trade weaker, with the Sensex trading over 90 points lower, while the Sensex is down below 35,000-mark.
  • The Sensex was down 93.78 points at 3918.11, and the Nifty was down 41.80 points at 10586.70.

Global Markets:-

  • Asian markets finished higher today with shares in China leading the region. The Shanghai Composite is up 0.74% while Japan’s Nikkei 225 is up 0.28% and Hong Kong’s Hang Seng is up 0.22%.
  • European markets are mixed today. The DAX is up 0.38% while the CAC 40 gains 0.36%. The FTSE 100 is off 0.05%.
  • Euro zone business activity slowed again in May, a survey showed on Tuesday. IHS Markit’s Final Composite Purchasing Managers’ Index, seen as a good overall indicator of euro zone growth, fell to an 18-month low of 54.1 in May from April ‘s 55.1, still above the 50 mark separating growth from contraction.