Nov 15 2018

Rupee Opened Higher,Tracking Asian Peers

Financial Market Overview

15th November, 2018

Morning Coffee:-                                                                        

MARKETS AT OPEN:-

Rupee:-

  • The Indian rupee opened higher against the dollar, helped by Brent crude hovering near eight-month lows and lower U.S. yields. The rupee opened at 72.06 versus its previous close of 72.31. While oil prices more or less sustaining the recent losses and decline in Treasury yields were positive, yesterday’s price action was “a tad disappointing” for rupee bulls.
  • We expect USD/INR to trade in a range between 71.90 – 72.30 today.

 Indian Equities:-

  • Benchmark indices are trading higher in the opening session with Nifty trading above 10,600 level.
  • The Sensex is up 101 points at 35,243, while Nifty up 21 points at 10621.

Global Markets:-

  • Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.25% while the Hang Seng is up 0.22%. The Shanghai Composite is up by 0.69%. The Australian ASX 200 is down by -44 points or -0.78 %.
  • European markets finished lower yesterday with shares in France leading the region. The CAC 40 is down 0.65% while Germany’s DAX is off 0.52% and London’s FTSE 100 is lower by 0.28%.
  • S. stocks fell on Wednesday, with the S&P 500 notching a fifth straight day of losses as financial stocks were hit by fears of tightening regulations on the banking industry.
  • The Dow Jones Industrial Average fell 204.84 points, or 0.81 percent, to 25,081.65, the S&P 500 lost 20.36 points, or 0.75 percent, to 2,701.82 and the Nasdaq Composite dropped 64.48 points, or 0.9 percent, to 7,136.39.
  • Asian currencies were mostly lower on Thursday, led by oil-sensitive currencies – the Indonesian rupiah and the Philippine peso. Regional currencies were boosted by the dollar index suffering its biggest decline in two weeks yesterday and 10-year U.S. yields falling for the third day. The drop in long-term Treasury yields to their lowest level this month came amid a further decline on Wall Street and in-line consumer inflation data.
  • The U.S. Labor Department said yesterday that consumer prices rose 0.3% last month after edging up 0.1% in September. Excluding the food and energy components, consumer prices climbed 0.2%.
  • Brent crude hovered below $66 a barrel in Asia trading on Thursday. It did manage a minor rebound yesterday after the 6.5% slump on Tuesday but closed well of its highs of over $67.50.