daily forex report
Apr 18 2018

Rupee off lows on likely central bank’s intervention

Financial Market Overview

18th April, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee off lows against the dollar in afternoon trade, after state-run and private lenders sold the greenback likely on behalf of the central bank, paring early losses from better-than-expected U.S. economic data and higher crude oil prices.
  • Rupee was last seen at 65.67 to a dollar, from 65.64 at previous close. It fell to 65.78, also lowest since Sep. 28, before trimming some losses on dollar sales by at least two large private banks and at least two state-run entities, likely on instructions of the central bank.

Indian Equities:-

  • Benchmark indices extended gains in afternoon trade. FMCG stocks, especially ITC hogged the limelight, rising 3.7 percent on hopes of normal monsoon.
  • The 30-share BSE Sensex was up 72.41 points at 34,467.47 and the 50-share NSE Nifty gained 13.20 points at 10,561.90.

Global Markets:-

  • European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.81% while France’s CAC 40 is up 0.47% and Germany’s DAX is up 0.31%.
  • Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.42% while China’s Shanghai Composite is up 0.80% and Hong Kong’s Hang Seng is up 0.74%.
  • The dollar index, which measures the greenback against a basket of six major rivals, rose 0.1% overnight, coming off a three-week low underpinned by data showing U.S. housing starts rose 1.9% in March and industrial production gained 0.5% last month. The data lifted the two-year Treasury yield to fresh ten-year highs. The index was last trading up 0.15%.
  • The annual rate of change in Britain’s consumer price index fell to 2.5% last month, the Office for National Statistics said on Wednesday.
  • This was compared to 2.7% in the previous month. Economists had forecast the reading to remain steady 2.7%. Month-over-month, consumer price inflation rose 0.1% in March. That compared to an increase of 0.4% in the previous month. Analysts had expected a gain of 0.3%.