Rupee Off Lows On Exporters’ Dollar Sales

Rupee Off Lows On Exporters’ Dollar Sales

25 Apr 2019 02:03 PM

Financial Market Overview

 25th April, 2019

 Afternoon update 

Indian Rupee

  • The Indian rupee came off lows against the dollar in afternoon session, as some greenback sales by exporters trimmed early losses triggered by broad strength in the U.S. currency.
  • The rupee changed hands at 70.00 to a dollar, against 69.87 at the previous close. The currency opened below the psychologically important level of 70 per dollar, the first time in over six weeks and extended losses to 70.11, its lowest since Mar 8.

Indian Equities

  • Indian shares rose to a one-week high on Thursday, ahead of the expiry of April derivative contracts, with index heavyweights UltraTech Cement Ltd and Reliance Industries hitting record highs.
  • The broader NSE index was up 0.11% at 11,739.00, while the benchmark BSE index was 0.03% higher at 39,066.01.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.48%, while the Shanghai Composite led the Hang Seng lower. They fell 2.43% and 0.87% respectively.
  • European markets are lower today with shares in London off the most. The FTSE 100 is down 0.49% while France's CAC 40 is off 0.35% and Germany's DAX is lower by 0.16%.
  • Brent crude oil prices rose for the fifth straight session amid supply concerns after Washington’s announcement of tighter sanctions against Iran continued to weigh. The benchmark Brent crude contract was last trading 0.95% higher at $75.28 per barrel. its highest since Oct. 31.
  • The dollar index climbed to its highest since May 2017, yesterday logging its biggest daily advance in more than a month. Disappointing data from other major economies were supportive of the dollar, including yesterday’s German IFO data. The data indicated declining confidence in Europe’s largest economy as trade tensions hurt the industrial engine of Germany.
  • Investors now await U.S. growth data for the January-March quarter due tomorrow.