Rupee Off Lows On Custodian Dollar Sales

Rupee Off Lows On Custodian Dollar Sales

16 Oct 2019 02:12 PM

Indian Rupee

  • The Indian rupee eased against the dollar in thin afternoon trade on dollar demand from state-run banks, adding to an early fall triggered by a weaker yuan.
  • The rupee was trading at 71.60 to a dollar against 71.54 at previous close. It fell to a one-month low of 71.7050 before rising to the day’s high of 71.47.

Indian Equities

  • Indian shares were little changed in the afternoon session, as investors looked towards a rise in September-quarter earnings for companies after the government's corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank.
  • The broader NSE index was 0.09% lower at 11,418.20, while the benchmark BSE index was down 0.2% at 38,429.86.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.20% and the Hang Seng rose 0.61%. The Shanghai Composite lost 0.41%.
  • European markets are lower today with shares in France off the most. The CAC 40 is down 0.26% while London's FTSE 100 is off 0.15% and Germany's DAX is lower by 0.08%.
  • Crude oil prices rose on hopes of a potential Brexit deal and on signals that OPEC and its allies may seek market stability beyond 2020. The benchmark Brent crude contract was up 0.03% at $58.76 per barrel.
  • Asian currencies traded lower while the onshore yuan was down 0.2% at 7.0936, adding to yesterday’s 0.3% decline.
  • Meanwhile, the U.S. House of Representatives yesterday approved four pieces of legislation on Hong Kong, in response to which China's foreign ministry urged U.S. lawmakers to stop interfering.