Rupee Off Highs On Crude Oil Uptick; US-China Talks Eyed

Rupee Off Highs On Crude Oil Uptick; US-China Talks Eyed

11 Oct 2019 01:51 PM
 

Indian Rupee

  • The Indian rupee came off highs against the dollar in afternoon trade as a sharp uptick in crude oil prices trimmed gains prompted by hopes of a U.S.-China trade deal.
  • The rupee was trading at 71.00 to a dollar against 71.07 at previous close. The local unit rose to a one-week high of 70.80 in opening trade, before declining to 71.0325.

Indian Equities

  • Indian shares rose on Friday, in line with their Asian peers, after U.S. President Donald Trump said he would meet with China's top trade negotiator, boosting investors' risk appetite.
  • The broader NSE index rose 0.29% at 11,267.30, while the benchmark BSE index was up 0.33% at 38,003.55.

Global Markets

  • Asian markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 2.25% while Japan's Nikkei 225 is up 1.60% and China's Shanghai Composite is up 0.88%.
  • European markets are mixed today. The DAX is up 1.13% while the CAC 40 gains 0.39%. The FTSE 100 is off 0.19%.
  • Crude oil prices surged, building on yesterday’s gains, after Reuters reported an explosion on an Iranian oil tanker. The benchmark Brent crude contract was up 1.86% at $60.20 per barrel, after rising 1.3% in the previous session, while U.S. benchmark crude was up 1.9% at $54.52.
  • Most Asian currencies traded higher. The onshore yuan rose against the dollar and is set for its best weekly performance in five weeks on trade optimism, as U.S. President Donald Trump tweeted that it was a “big day” of negotiations with China and that he would be meeting with the Chinese vice premier today.
  • The Chinese yuan was 0.2% higher at 7.1035 against the dollar, while the dollar index was little changed at 98.65 after falling 0.4% yesterday.

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