Rupee opened little changed amid Italian crisis

Rupee opened little changed amid Italian crisis

30 May 2018 10:19 AM
Myforexeye Research Report

Financial Market Overview

30th May, 2018

Morning Coffee:-                                                                                  



  • Indian rupee opened little changed against the dollar at 67.8450, as investors analyze the impact of Italy’s political turmoil on emerging markets. Pair USDINR now at 67.84 against 67.86 previous close.
  • Pair to tip in range between 67.61-67.97.

Indian Equities:-

  • Benchmark indices extended yesterday's losses on Wednesday, tracking weakness in global stocks on political turmoil in Italy.
  • The 30-share BSE Sensex dropped 151.57 points to 34,797.67 and the 50-share NSE Nifty slid 63.30 points to 10,570.

Global Markets:-

  • Asian markets are sharply lower today. The Shanghai Composite  fell by 1.87% , the Hong Kong's Hang Seng is down 1.46% and the Australain ASX is trading lower by 0.54%.
  • European markets finished sharply lower on Tuesday with shares in Germany leading the region. The DAX is down 1.53% while France's CAC 40 is off 1.29% and London's FTSE 100 is lower by 1.26%.
  • The S&P 500 and the Dow Jones Industrial Average suffered their biggest one day percentage drop in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of U.S. banks tumbled. The Dow Jones Industrial Average fell 391.64 points, or 1.58 percent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 percent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 percent, to 7,396.59.
  • Italy’s March elections witnessed a rise of political parties that support the nation leaving the euro, there are concerns that new snap elections called on Monday could turn into a sort of referendum whether Rome should remain part of the common bloc.
  • Italy’s 10-year borrowing cost jumped more than 40 basis points on Tuesday and cost of insuring Italy’s sovereign debt exposure soared to highest in over four years. The spread of Italian 10-year bonds to Germany’s bonds of the same maturity rose to more than 280 basis points. Italy’s benchmark equity index dropped more than 2.5% on Tuesday.
  • Consumer confidence in US rebounded in May. The Conference Board said on Tuesday its consumer confidence index rose 2.4 points to a reading of 128.0 this month from a downwardly revised 125.6 in April. The index was previously reported at 128.7 in April.

Date : May-2018