Financial Market Overview
26th December, 2018
- The Indian rupee came off highs against the dollar in thin afternoon session, as importers’ month-end dollar demand trimmed early gains triggered by the plunge in Brent crude price and broad dollar weakness.
- The rupee changed hands at 69.97 to a dollar against 70.1350 at the previous close. The currency opened at 69.88 and briefly extended gains to 69.7550, before falling to day’s low of 70.0550.
- Indian shares fell tracking broader Asian markets as a U.S. federal government shutdown and President Donald Trump’s criticism of Federal Reserve Chairman Jerome Powell added to investors’ woes.
- The broader NSE index was down 0.59% at 10,600.10, while the benchmark BSE index was trading 0.69% lower at 35,226.89.
- Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.89%, while the Shanghai Composite fell 0.26%. Hong Kong Stock Exchange is closed today.
- European markets are closed today.
- The benchmark Brent crude prices continued to decline. It had slumped 6.2% on Dec. 24 to $50.47 per barrel on concerns over a slowdown in global economic growth. The contract was last trading 0.67% lower at $50.13 per barrel.
- The U.S. crude futures also fell to a one-year low of $42.53 per barrel in the previous session as concerns about oversupply weighed. It was last trading at $42.67 per barrel.
- The dollar index traded little changed at 96.59 after settling 0.4% lower on Monday.
- Most Asian currencies were little changed on Wednesday as they rolled into the year-end in a shabby state, with global growth risks and political uncertainty in the U.S. leaving little chance of a strong near-term recovery.