Apr 09 2018

Rupee offset early gains on Chinese Yuan devaluation talks

Financial Market Overview

09th April, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee turned little changed against the dollar in afternoon trade, as reports that China was devaluating yuan devaluation as an option to tackle ongoing trade tensions with the U.S. offset early gains from a tepid U.S. jobs data.
  • The Rupee was last seen at 64.96 to a dollar, against 64.99 at previous close. It rose to 64.85 earlier, also highest since Mar. 27, before falling to the day’s low of 65.02. Most Asian currencies were trading mixed against the greenback. The Chinese yuan fell 0.1% at 6.31% against the dollar.

Indian Equities:-

  • Benchmark indices continued to trade higher in afternoon, with the Sensex rising 167.82 points to 33,797.79, driven by banks (barring ICICI Bank), oil and FMCG stocks.
  • The 50-share NSE Nifty rose 50.40 points to 10,382.00. About 1,565 shares advanced against 972 declining shares on the BSE.

Global Markets:-

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.85% while France’s CAC 40 is up 0.48% and London’s FTSE 100 is up 0.18%.
  • Asian markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 1.29% while Japan’s Nikkei 225 is up 0.51% and China’s Shanghai Composite is up 0.23%.
  • The dollar index, which measures the greenback against a basket of six major rivals, was last trading up 0.1%. It slipped 0.4% on Apr. 6, after data showed U.S. employers added a lesser-than-expected 103,000 jobs in March.
  • German exports plunged unexpectedly in February, posting their biggest monthly drop in 2-1/2 years and narrowing the trade surplus, data showed on Monday, in a further sign that growth in Europe’s biggest economy could have reached its peak.
  • British house prices rose by a stronger-than-expected 2.7 percent in the first three months of 2018 after the weakest increase in nearly five years in the three months to February, figures from mortgage lender Halifax showed on Monday.