Rupee Off Lows On Foreign Banks’ Dollar Sales

Rupee Off Lows On Foreign Banks’ Dollar Sales

17 Jun 2019 01:44 PM
 

Financial Market Overview

17th June, 2019 

Afternoon Update 

Indian Rupee

  • The Indian rupee came off lows to trade little changed against the U.S. currency in afternoon session, as foreign banks stepped up greenback sales that offset impact of broad dollar strength.
  • The rupee changed hands at 69.82 to the dollar, against 69.80 at the previous close. The currency opened unchanged and has traded in 69.7850-69.8850 band so far this session.

Indian Equities

  • Indian shares fell on Monday, dented by losses across sectors, after the country slapped higher tariffs on certain U.S. products in retaliation to Washington's decision to remove certain trade privileges for New Delhi.
  • The broader NSE index fell 0.93% to 11,713.90, while the benchmark BSE index declined 0.9% to 39,096.24.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.40%, while the Shanghai Composite led the Hang Seng lower. They fell 0.99% and 0.65% respectively.
  • European markets are lower today with shares in Germany off the most. The DAX is down 0.62% while London's FTSE 100 is off 0.31% and France's CAC 40 is lower by 0.27%.
  • The dollar index strengthened on Jun. 14, after a robust U.S. retail sales print eased some expectations of an immediate Fed rate cut. The index logged its best day in three months on that day, rising to 97.57. It was last trading marginally lower at 97.50.
  • A jump in the crude oil prices following attacks on two tankers in the Gulf of Oman last week added to the already cautious market sentiment. Washington blamed Iran for Thursday's attacks. The benchmark Brent crude oil contract logged its second day of rise on Jun. 14. It was last trading 0.45% lower at $61.73 per barrel.
  • Apart from the FOMC decision, investors will also watch for Bank of Japan and Bank of England’s policy decisions, due later this week.

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