Mar 08 2019

Rupee Off Lows On Dollar Selling By Foreign Banks, Exporters

Financial Market Overview

8th March, 2019

Noon update

Indian Rupee:-

  • The Indian rupee came off the day’s low against the dollar in afternoon trade, as foreign banks and exporters sold the greenback, limiting losses from weak risk sentiment after the European Central Bank cut growth forecast.
  • The rupee changed hands at 69.92 to a dollar against 69.9950 at the previous close. The currency opened at 70.17 and extended losses to 70.2150.

Indian Equities:-

  • Indian shares snapped a four-day rally and fell on Friday, tracking a weakness in equities globally, as investors fretted over growth prospects.
  • The broader NSE index was down 0.36% at 11,018.70, while the benchmark BSE index was 0.26% lower at 36,629.31.

Global Markets:-

  • Asian markets finished lower today. The Shanghai Composite was down 4.40% while Japan’s Nikkei 225 was down 2.01% and Hong Kong’s Hang Seng was down 1.93%.
  • European markets are also lower today. The DAX is down 0.72% while France’s CAC 40 is down 0.62% and London’s FTSE 100 is down 0.70%.
  • The benchmark Brent crude oil contract was trading 1.10% lower at $65.57 per barrel, on global growth concerns
  • The dollar index ended 0.8% higher, its biggest single-session gain since Aug. 10 yesterday, as the euro slipped to a 21-month low after the ECB cut its growth forecast for the current year to 1.1% from an earlier 1.7%. ECB chief Mario Draghi said geopolitical factors and the threat of protectionism had dented economic sentiment and tilted the risks to the economy to the downside.
  • The single currency was trading 0.1% higher at $1.1210 and the dollar index was last trading 0.2% lower at 97.46. Investors now await the closely followed U.S. non-farm payroll data due later today.