Rupee open lower as demand for the greenback

Rupee open lower as demand for the greenback

29 Aug 2018 09:36 AM
Myforexeye Research Report

Financial Market Overview

29th August, 2018


  • The Indian Rupee opened lower at 70.32 against the dollar compared with its previous close of 70.10. With a majority of the corporates covering their import liabilities on a cash basis, the month-end dollar demand would exert more than usual pressure on the rupee.
  • Asian currencies were mostly lower in Wednesday trading, paced by the yuan. The onshore yuan was down 0.2% against the dollar before the release of the official manufacturing PMI data on Friday and lingering concerns over Beijing’s trade feud with Washington.
  • We expect the pair to trade in the range between 70.10 to 70.45

Indian Equities:-

  • After days of positive openings, it is a flat start for equity benchmarks on this Wednesday morning, with the Nifty managing to hold 11,700-mark. 
  • The Sensex is down 11.77 points or 0.03% at 38884.86, while the Nifty is lower by 10.70 points or 0.09% at 11727.80. The market breadth is positive as 518 shares advanced, 310 shares declined, while 59 shares were unchanged.
  • Banks are trading mixed, as the Bank Nifty is trading lower by one-fifth of a percent, while the PSU bank index is up over half a percent 

Global Markets:-

  • Asian markets are mixed today as Chinese and Hong Kong shares show gains. The Shanghai Composite is down by -0.35% while the Hang Seng is up 0.12%. And The Nikkei 225 is up 0.64%The Australian's ASX200 is little positive today by 46 points and 0.74% up.
  • European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.52% and the CAC 40 rose 0.11%. The DAX lost 0.09%.
  • The S&P 500 and the Nasdaq edged up to record closing highs for the third consecutive session as investors struggled over whether to take profits following a rally on positive developments in trade disputes which have vexed the markets for much of the year.
  • The Dow Jones Industrial Average rose 14.38 points, or 0.06 percent, to 26,064.02, the S&P 500 gained 0.78 points, or 0.03 percent, to 2,897.52 and the Nasdaq Composite added 12.14 points, or 0.15 percent, to 8,030.04.
  • Consumer confidence unexpectedly rose in August to the highest level since October 2000, according to a report Tuesday from the New York-based Conference Board.
  • The group’s index increased to 133.4, from a revised 127.9 in the prior month. The median forecast in a Bloomberg survey of economists called for a reading of 126.6.
  • The dollar index recorded its 10th decline over the last eleven sessions on Tuesday to close at its lowest level in a month.
  • The upbeat U.S. August consumer confidence data and higher long-term Treasury yields added to the pressure on regional currencies.




Date : Aug-2018