Mar 15 2019

Rupee Off Highs As RBI Steps In

Financial Market Overview

15th March, 2019

Noon update

Indian Rupee:-

  • The Indian rupee trimmed some of its early gains against the dollar in afternoon trade, as some traders booked profits in the local unit after an apparent intervention by the central bank. However, persistent dollar sales by exporters and foreign fund inflows supported the rupee.
  • The rupee changed hands at 69.09 to a dollar against 69.35 at the previous close. It opened at 69.33 and thereafter climbed to 69.04, the highest since Aug. 10. However, the local currency came off the day’s highs amid suspected dollar buying by a state-run bank and a private lender, probably on behalf of the Reserve Bank of India.

Indian Equities:-

  • Indian shares continued to rally on expectation a win for the current coalition government would bode well for market stability.
  • The broader NSE index and the benchmark BSE index were both 0.89% higher at 11,444.25 and 38,090.54.

Global Markets:-

  • Asian markets finished higher today. The Nikkei 225 was up 0.77% while Hong Kong’s Hang Seng was up 0.72% and China’s Shanghai Composite was up 1.04%.
  • European markets are higher today. The DAX is up 0.11% while CAC is up 0.12% and the FTSE 100 is up 0.36%.
  • The benchmark Brent crude oil contract was 0.42% higher at $67.51 per barrel.
  • The dollar index was down 0.2% at 96.64. The index rose 0.2% yesterday to end a four-day losing run.
  • The British pound sterling was trading little changed at $1.3225 after the British parliament voted seeking a delay in Britain’s exit from the European Union, after a decision to stop a no-deal Brexit.