Rupee Off Highs On State-Run Banks’ Dollar Demand

Rupee Off Highs On State-Run Banks’ Dollar Demand

24 Sep 2019 02:11 PM

Indian Rupee

  • The Indian rupee came off highs against the U.S. currency in afternoon trade, as dollar purchases by state-run banks trimmed gains stemming from private banks’ greenback sales and hopes of equity inflows.
  • The rupee was trading at 70.87 to a dollar, against its previous close of 70.93. The unit opened at 70.7850 and rose to the day’s high of 70.73, before dropping to the day’s low of 70.8950.

Indian Equities

  • Indian shares were nearly flat on Tuesday, swinging between gains and losses, as investors hoped for further stimulus from the government following a surprise corporate tax cut last week.
  • The broader NSE index was 0.29% lower at 11,567.10, while the benchmark BSE index fell 0.2% at 39,011.41.

Global Markets

  • Asian markets finished higher today with shares in China leading the region. The Shanghai Composite is up 0.28% while Hong Kong's Hang Seng is up 0.23% and Japan's Nikkei 225 is up 0.09%.
  • European markets are lower today. The CAC 40 is down 0.8% while Germany's DAX is down 1.25% and London's FTSE 100 is down 0.38%.
  • The benchmark Brent crude oil contract was trading 0.9% lower at $64.21 per barrel.
  • The index was trading up 0.1% at 98.63, adding to yesterday’s near 0.1% climb. The dollar index is headed for its third day of advance.

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