Rupee off record lows on suspected central bank's intervention

Rupee off record lows on suspected central bank's intervention

20 Jul 2018 02:32 PM
Myforexeye Research Report

Financial Market Overview

20th July, 2018

Noon Update:-                                                                                  



  • Indian rupee came off record lows and was trading higher against the dollar in afternoon session, as banks stepped up greenback sales after an apparent intervention by the central bank.
  • The rupee was last seen at 68.88 to a dollar, against 69.05 in the previous session. It hit a record low of 69.13 versus dollar in early trade, but recouped losses on dollar sales by some state-run and private banks likely on behalf of the Reserve Bank of India. It rose to day’s high of 68.82 per dollar. Most Asian currencies were trading flat to higher against the dollar.

Indian Equities:-

  • Equity markets have given up some of their gains from the morning session, even as the Parliament debates the no-trust vote in the House. The Nifty has given up 11,000 right now.  
  • The Sensex is up 100.92 points or 0.28% at 36452.15, while the Nifty is up 34.10 points or 0.31% at 10991.20. The market breadth is negative as 969 shares advanced, against a decline of 1,329 shares, while 148 shares are unchanged.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 2.05% and the Hang Seng rose 0.78%. The Nikkei 225 lost 0.29%.
  • European markets are mixed. The FTSE 100 is higher by 0.19%, while the CAC 40 is leading the DAX lower. They are down 0.16% and 0.05% respectively.
  • The onshore yuan that tumbled towards 6.8106 against the dollar to its lowest level since July 2017 earlier today, recouped most of its losses to trade down 0.1% at 6.7770.
  • Trump said in an interview that he was not thrilled the Fed was raising interest rates, which according to him could potentially slow down the economy and a strong dollar was a disadvantage for the U.S. However, White House in a statement later clarified that the President respects the monetary policy authority and does not gets involved in policy decisions.

Date : Jul-2018

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