Rupee off highs on importers Dollar bids and weak local equities

Rupee off highs on importers Dollar bids and weak local equities

05 Mar 2018 02:59 PM
Myforexeye Research Report

Financial Market Overview

05th March, 2018

Noon Update:-                                                                                  



  • Indian rupee came off the day’s highs against the dollar in afternoon trade, as oil importers stepped up greenback purchases while shares fell, trimming the gains triggered by a broad-based weakness in the U.S. currency. The ruling Bharatiya Janata Party won assembly elections in the north-eastern states, keeping the currency supported.
  • The rupee was last seen at 65.07 to a dollar, against 65.17 at the previous close. The currency had opened at 65.10 and rose to a day’s high of 64.93. Most other Asian currencies also traded higher against the dollar.

Indian Equities:-

  • The market continued to reel under selling pressure as benchmark indices and midcaps declined around a percent each.
  • The 30-share BSE Sensex was down 288.17 points at 33,758.77 and the 50-share NSE Nifty declined 103.80points to 10,354.55.

Global Markets:-

  • European markets are lower today with shares in Germany off the most. The DAX is down 0.65% while France's CAC 40 is off 0.27% and London's FTSE 100 is lower by 0.27%.
  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.07%, while the Hang Seng led the Nikkei 225 lower. They fell 2.32% and 0.66% respectively.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended down 0.4% on Friday, following U.S President Donald Trump’s import tax proposals. Last week, Trump proposed to impose tariffs on steel and aluminum imports, raising the possibility of a trade war, which could damage the outlook for the global economy. The index was last trading up 0.3%, tracking a fall in the euro.
  • Bank of Japan Governor Haruhiko Kuroda said the authority may consider exiting its ultra-loose monetary policy from April 2019, if it reaches its inflation target in the next financial year, sending the Japanese currency 0.4% higher against the dollar.


Date : Mar-2018

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