Rupee Offset Early Gains On Banks Dollar Bids

Rupee Offset Early Gains On Banks Dollar Bids

08 Jan 2018 03:05 PM
Myforexeye Research Report

Financial Market Overview

08th January, 2018

Noon Update:-                                                                                  



  • Indian rupee came off initial highs to trade little changed against the dollar in afternoon session, as state-run banks’ dollar buys offset gains from a weaker-than-expected U.S. jobs data amid strong local shares.
  • The rupee was last seen at 63.40 to a dollar , against 63.37 at close on Jan. 5. It rose to the day’s high of 63.24, also highest since Apr. 29, 2015, before paring some gains after at least two state-run banks stepped up dollar purchases, apparently on behalf of the Reserve bank of India.

Indian Equities:-

  • Benchmark indices remained strong in afternoon, with all sectoral indices barring PSU Bank trading higher. Pharma was the biggest gainer on USFDA news while PSU Bank fell 0.2 percent.
  • The 30-share BSE Sensex was up 65.19 points at 34,319.09 and the 50-share NSE Nifty gained 45.60 points at 10,604.45

Global Markets:-

  • European markets are mixed today. The DAX is up 0.27% while the CAC 40 gains 0.19%. The FTSE 100 is off 0.09%.
  • Asian markets finished higher today with shares in Japan leading the region. The Nikkei 225 is up 0.89% while China’s Shanghai Composite is up 0.52% and Hong Kong’s Hang Seng is up 0.28%.
  • The dollar index, which measures the greenback against a basket of six major rivals, came off the day’s high on Jan. 5, dropping nearly 0.2%, after weaker-than-expected U.S. December non-farm payrolls report. The index was last trading up 0.2% at 92.14.