Rupee off highs on Oil importers and foreign banks Dollar demand

Rupee off highs on Oil importers and foreign banks Dollar demand

24 May 2018 03:32 PM
Myforexeye Research Report

Financial Market Overview

24th May, 2018

Noon Update:-                                                                                  



  • Indian rupee came off early highs against the dollar in afternoon trade, as oil-related bids and greenback demand from foreign banks offset gains after U.S. Treasury yields slipped in reaction to the Federal Reserve’s May meeting minutes.
  • The rupee was last seen at 68.38 to a dollar, against an 18-month low of 68.42 at previous close. It has risen to as much as 68.29 so far today.

Indian Equities:-

  • Benchmark indices recouped all its previous day's losses as the Sensex is up 285.52 points or 0.83 percent to 34,630.43, backed by technology and banking & financial stocks.
  • ITC (up 1.2 percent) and Reliance Industries (0.6 percent) also lent support to the market.
  • The 50-share NSE Nifty rose 69.15 points to 10,499.50 while the Nifty Midcap index continued to trade in the red, down 0.3 percent.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.31%, while the Nikkei 225 led the Shanghai Composite lower. They fell 1.11% and 0.45% respectively.
  • European markets are higher today with shares in France leading the region. The CAC 40 is up 0.34% while Germany's DAX is up 0.03% and London's FTSE 100 is up 0.13%.
  • The dollar index, which is measured against a basket of six major currencies, was last trading down 0.1%, after settling 0.4% higher yesterday. The U.S. treasury yield was last trading at 3.00%. Meanwhile, the euro was steady after dropping 0.7% in overnight trade, weighed by slower-than-expected Eurozone growth data and political uncertainty in Italy.
  • The benchmark Brent crude oil price was down 0.4% at $79.47 per barrel, amid expectations that OPEC members will step up production as supply concerns emerge due to looming sanctions on Iran and political risks in Venezuela, bringing some relief to the Indian rupee, which is the worst performing currency in Asia this year.

Date : May-2018