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Dec 13 2017

Rupee off lows on Dollar sales; Fed outcome in focus

Financial Market Overview

13th December, 2017

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee came off the day’s lows, as foreign banks sold the greenback, helping the currency recover some losses triggered by retail inflation quickening to a 15-month high and bets of a near-certain rate increase in the U.S. later today..
  • The rupee was last seen at 64.43 to a dollar , against 64.40 at close yesterday. The currency had fallen to a day’s low of 64.56, before recovering to an intraday high of 64.43 per dollar. Most other Asian currencies were mixed against the dollar.

Indian Equities:-

  • Benchmark indices reversed all their gains and were trading in the red, owing to intense selling pressure in PSU banks.
  • Tthe Sensex is down 76.83 points or 0.23% at 33151.42, while the Nifty was down17.25 points or 0.17% at 10222.50. The market breadth was negative as 1060 shares advanced, 1431 shares declined, and 116 shares are unchanged.
  • Tthe Sensex is down 76.83 points or 0.23% at 33151.42, while the Nifty was down17.25 points or 0.17% at 10222.50. The market breadth was negative as 1060 shares advanced, 1431 shares declined, and 116 shares are unchanged.

Global Markets:-

  • European markets are mixed. The FTSE 100 is higher by 0.02%, while the CAC 40 is leading the DAX lower. They are down 0.09% and 0.03% respectively.
  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.49% and the Shanghai Composite rose 0.68%. The Nikkei 225 lost 0.47%.
  • The dollar index, which measures the greenback against a basket of six major rivals, was trading down 0.1%, after former U.S. attorney Doug Jones, a democrat, won a Senate seat against Republican candidate Roy Moore, facing allegations of sexual misconduct, in a deeply conservative Alabama, narrowing the Republicans’ thin majority in the upper house. A reduced majority could make it difficult for President Trump to expand his policy agenda, including the crucial tax reform.
  • Investors await the outcome of Federal Reserve’s a two-day monetary policy review today, where the authority is widely expected to increase rates for a third time in 2017.
  • The Fed is also in the process of trimming its $4.2 trillion portfolio of Treasury bonds and mortgage-backed securities, which was built during the 2007-2009 financial crisis and global recession.