Rupee Opened Higher After Dollar Index Sinks To 3-Month Lows

Rupee Opened Higher After Dollar Index Sinks To 3-Month Lows

21 Sep 2018 10:04 AM
Myforexeye Research Report

Financial Market Overview

21st September, 2018


  • The Indian rupee is opened higher against the U.S. currency after upbeat risk appetite prompted the biggest drop in the dollar index in a month.
  • The rupee is open 71.85 versus the dollar compared with its previous close of 72.37. In addition to positive global cues, the rupee will be helped by expectations of measures by policymakers to arrest its recent free fall. Speculation of a special window being created for crude oil payments
  • We expect the pair to trade in the range between 71.65 to 72.05


Indian Equities:-

  • It’s a good start to the market on this Friday morning as benchmark indices have begun on a good note. Positive global cues and a stronger start to the rupee is aiding sentiment on D-Street.
  • The Nifty reclaimed 11,300 in the opening minutes. The Sensex is up 171.63 points or 0.46% at 37292.85, while the Nifty is higher by 69.20 points or 0.62% at 11303.60. The market breadth is positive as 461 shares advanced, against a decline of 129 shares, while 61 shares were unchanged.
  • ALl sectoral indices are trading in the green, with maximum gains visible in banks, auto, metals, pharma, and energy names. In the midcaps space, steel stocks are performing well. Overall, the Nifty Midcap index is trading higher by a percent. 


Global Markets:-

  • Asian markets are higher today as Japanese, Chinese and Hong Kong shares show gains. The Nikkei 225 is up 0.50% while the Hang Seng is up 0.96%. The Shanghai Composite is up 0.03%. The Australian's ASX200 is up today by 30 points and 0.49%.
  • European markets finished broadly higher today with shares in France leading the region. The CAC 40 is up 1.07% while Germany's DAX is up 0.88% and London's FTSE 100 is up 0.49%.
  • The Dow Jones Industrial Average hit a record closing high on Thursday, the last of Wall Street's major indexes to fully regain ground after a correction that began in January. Tech stocks led all three major U.S. indexes higher in a broad-based rally as trade worries subsided. The S&P 500 also hit a new closing high.
  • The Dow Jones Industrial Average rose 251.22 points, or 0.95 percent, to 26,656.98, the S&P 500 gained 22.81 points, or 0.78 percent, to 2,930.76 and the Nasdaq Composite added 78.19 points, or 0.98 percent, to 8,028.23.
  • U.S. home sales flat lined in August but inventory increased for the first time in three years as the housing market continued to struggle despite strength across the broader economy. The National Association of Realtors said on Thursday that existing home sales were unchanged at a seasonally adjusted annual rate of 5.34 million units last month.
  • Euro zone consumer confidence fell in September by more than expected, figures released on Thursday showed. The European Commission said a flash estimate showed euro zone consumer morale in September decreased in the euro area by one point to −2.9 and for the whole of the EU also fell by one point to 2.8.




Date : 21-Sep-2018