Rupee Off Highs On Importers' Bids

11 Mar 2019 01:57 PM

Financial Market Overview

11th March, 2019

Noon update

Indian Rupee:-

  • The Indian rupee came off day’s high against the dollar in afternoon trade, as state-run banks stepped up greenback purchases on behalf of importers, trimming early gains from broad weakness in the dollar after weaker-than-expected U.S. jobs data.
  • The rupee changed hands at 69.91 to a dollar against 70.1450 at the previous close. The currency opened at 70.01 and extended gains to 69.83 per dollar.

Indian Equities:-

  • Indian shares rose on Monday, with the NSE index reaching its highest level since Sept. 26, as investors pinned their hopes on a win for the incumbent party in the next election.
  • The broader NSE index was trading up 0.98% at 11,144.00, its highest level since Sept. 26. The benchmark BSE index was 0.82% higher at 36,970.40.

Global Markets:-

  • Asian markets finished higher today . The Shanghai Composite was up 1.92% while Japan's Nikkei 225 was up 0.47% and Hong Kong's Hang Seng was up 0.97%.
  • European markets are also higher today. The DAX is up 0.36% while France's CAC 40 is up 0.45% and London's FTSE 100 is down 0.62%.
  • The benchmark Brent crude oil price rose 0.6% to $66.12 per barrel amid ongoing supply cuts by major oil exporters after dropping 0.8% in the previous session.
  • The Federal Reserve Chief Jerome Powell said yesterday that the U.S. central bank was not in a rush to change the interest rates. Powell, in line with the Fed’s recent dovish tone, said that the current rate level was "appropriate" and "roughly neutral". The dollar index was last trading flat at 97.40, after declining 0.8% on Friday on U.S. job additions missing forecast.
  • The British pound sterling was lower at 1.3015 against the dollar amid concerns over Britain's exit from the European Union. British Foreign Minister Jeremy Hunt said yesterday that the Brexit could be reversed if lawmakers reject the government’s deal, as the deadline of Mar. 29 nears. The parliament will vote tomorrow to approve the deal or not.