Rupee Off-Lows As Govt. Says It Respects RBI's Autonomy

Rupee Off-Lows As Govt. Says It Respects RBI's Autonomy

31 Oct 2018 02:01 PM
Myforexeye Research Report

Financial Market Overview

31st October, 2018

Noon update

Indian Rupee:-

  • The Indian rupee came off a three-week low after the federal government in a statement said it respects the autonomy of the central bank. Dollar sales by domestic banks, likely on behalf of RBI, also limited further losses.
  • The rupee was trading at 73.92 versus the dollar, against 73.6750 at close yesterday. It opened at 73.92, and extended losses as greenback purchases by foreign banks and corporates dragged the rupee to 74.13, lowest since Oct. 11.

Indian Equities:-

  • Indian shares recover in volatile session supported by gains in fanancial shares along with gains visible among IT and pharmaceuticals.
  • The broader NSE index was up 0.28% at 10,226.60, and the benchmark BSE index was 0.18% higher at 33,951.16.

Global Markets:-

  • Asian markets are trading higher today. The Hang Seng gains 1.38% while the Shanghai Composite rose 1.35%.
  • The London's FTSE 100 is up by 1.27%, France's CAC is 1.63% higher and Spain's IBEX35 is up by 1.34%.
  • Oil prices climbed for the first time in three days on Wednesday, rising around 1% ahead of the start of U.S. sanctions against Iran next week and as stock markets clawed back some of the losses they racked up this month. Brent crude futures had gained or 1.11% to $76.75 a barrel.
  • The dollar index was last trading firm at 97.01, near its highest levels in 16 months, as a rally in U.S. equities boosted greenback demand amid stronger-than-expected U.S. economic data as well as deteriorating fundamentals for the euro.
  • The Japanese yen stayed near its three-week low levels after Bank of Japan kept short-term interest rate unchanged at -0.1%, which was widely expected and maintained its stimulus programme. The currency had lost 0.6% in the previous session.





Date : 31-Oct-2018