Oct 03 2018

Rupee off record lows on dollar swap window remark

Financial Market Overview

 

3rd October, 2018

Noon update

 

Rupee:-

  • The Indian rupee came off record-low levels against the dollar in afternoon trade, after a finance ministry official said the government is in talks with the central bank for opening a special dollar swap window for some state-run fuel retailers.
  • The rupee was trading at 73.08 to dollar against a record-low 73.42 hit earlier today and 72.91 at previous close.

 

Indian Equities:-

  • The S&P BSE Sensex plunged over 300 points while the Nifty50 breached its crucial support placed at 11,000 mark, weighed by muted trend seen in other Asian markets and a weak handover from Wall Street.
  • The broader NSE index was down 0.62% at 10939.50, and the benchmark BSE index was trading lower by 0.69% at 36274.67.

 

Global Markets:-

  • Markets in China are closed today on account of National day. Shares in Hong Kong are lower today as the Hang Seng falls 0.14%.
  • European markets are mixed today as French shares show gains and British shares show losses. The CAC 40 is up 0.28% while the FTSE 100 is down 1.72%. The German DAX is closed today on account of Unity Day.
  • The benchmark Brent crude oil contract was last trading at $85.04 a barrel, close to $85.45 hit on Oct. 1, a level last seen in end-October 2014. Anticipation of supply disruptions prompted by Washington’s impending sanctions on Iran have prompted oil prices to rise almost 10% over the last one month.
  • The dollar index was trading off 0.2% at 95.35 today, tracking a corresponding jump in the euro amid reports that Italy may cut its budget deficit to 2% of gross domestic product by 2020 from the earlier announced 2.4%.
  • The index rose to one-month high in the previous session amid political wrangling over Italy’s budget plan, which led to the single currency falling to near 1.15 against the U.S. currency.
  • Markets will watch for a host of U.S. economic data due this week, including the crucial non-farm payroll data on Oct. 5.