Rupee Off Lows On Exporters’ Dollar Sales In Thin Trade

Rupee Off Lows On Exporters’ Dollar Sales In Thin Trade

28 Mar 2019 01:58 PM

Financial Market Overview

 28th March, 2019

Afternoon Update 

Indian Rupee

  • The Indian rupee came off the day’s low against the dollar in thin afternoon trade, as exporters sold the greenback ahead of the financial year-end that capped losses from broad dollar strength.
  • The rupee changed hands at 68.96 to a dollar, against 68.87 at the previous close. The local unit opened lower at 69.11 but pared some losses and rose to 68.93.

Indian Equities

  • Indian shares rose ahead of the expiry of monthly derivatives contracts on Thursday, bolstered by IT and financial stocks, as investors turned their focus on a slew of events for further cues.
  • The Reserve Bank of India's monetary policy decision is scheduled next week, where it is expected to slash rates to boost spending, while companies begin reporting their quarterly performances mid-April.
  • The broader NSE index rose 0.456 to 11,509.45. The benchmark BSE index gained 0.52% to 38,331.31.

Global Markets

  • Asian markets finished broadly lower on Wednesday with shares in Japan leading the region. The Nikkei 225 is down 1.61% while China's Shanghai Composite is off 0.92% and Hong Kong's Hang Seng is lower by 0.05%.
  • European markets are higher today. The FTSE 100 is higher by 0.37%, while France's CAC 40 is up 0.06%. Germany's DAX is up 0.04%.
  • The benchmark Brent crude oil prices slipped 0.53% to $67.47 per barrel, adding to overnight losses of 0.2%, as U.S. stock supplies unexpectedly rose more than expected last week, while prospects of slower global growth raised concerns of easing demand.
  • The dollar index was trading 0.1% higher at 97.00. The 10-year U.S. Treasury yield was hovering at around 16-month low of 2.34% in Asia trade.
  • The British pound sterling extended losses to $1.3135 after an overnight decline of 0.14% after U.K. parliament’s votes fell short of approving any plan for Britain leaving the European Union, while British Prime Minister Theresa May proposed to quit if her Brexit plan was passed by the lawmakers.

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