Rupee Off Highs On Foreign Banks’ Dollar Bids, Oil Rise

Rupee Off Highs On Foreign Banks’ Dollar Bids, Oil Rise

20 May 2019 01:34 PM

Financial Market Overview

20th May, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee came off highs against the dollar in afternoon trade, as foreign banks’ greenback buys and higher crude oil prices trimmed early gains from increased bets of Prime Minister Narendra Modi’s party-led alliance winning the nation's polls.
  • The rupee changed hands at 69.54 to a dollar against 70.22 at the previous close. It opened at 69.4950 and extended gains to 69.36.

Indian Equities

  • Indian shares surged on Monday, a day after exit polls showed Prime Minister Narendra Modi would retain power with a bigger majority in the parliament, with financials leading the charge.
  • The broader NSE index was up 2.91% at 11,738.70, while the benchmark BSE index was 2.94% higher at 39,045.75.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.24%, while the Shanghai Composite led the Hang Seng lower. They fell 0.41% and 0.62% respectively.
  • European markets are mixed. The FTSE 100 is higher by 0.02%, while the CAC 40 is leading the DAX lower. They are down 0.29% and 0.18% respectively.
  • The dollar index was trading at a two-week high at 98.03 against a basket of major currencies.
  • Meanwhile, crude oil prices rose, with the benchmark Brent crude contract rose above $73 per barrel, after Saudi Energy Minister Khalid al-Falih indicated there was consensus among OPEC and allied oil producers to continue limiting supplies. It was last trading 1.2% higher at $73.08 per barrel.

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