Rupee Opened Little Higher As Wall Street Gains

Rupee Opened Little Higher As Wall Street Gains

17 Oct 2018 09:40 AM
Myforexeye Research Report

Financial Market Overview

17Th October, 2018

Morning Coffee:-                                                                        



  • The Indian rupee opened little higher against the dollar following the biggest gains on Wall Street in more than six months, which helped boost demand for regional assets.
  • The rupee opened at 73.41 versus the dollar compared with its previous close of 73.46, the rupee will be helped by yesterday’s momentum, which witnessed the pair ending at the day’s low after threatening to touch 74 at one point. The big jump in U.S. equities was positive for Asian currencies, more so considering that it was not accompanied by a rise in Treasury yields.
  • We Expect Pair to trade in the range between 73.70 to 73.15

Indian Equities:-

  • It is a strong start to the market on Wednesday morning on the back of strong global cues. The Nifty has opened above 10,700-mark, while the Sensex is trading higher by over 400 points. 
  • There’s buying across all sectors, with maximum gains visible among banks, IT, and automobiles, among others. In the broader markets, the Nifty Midcap index is trading higher by over a percent as well. 
  • Infosys’ shares have risen 3 percent on the back of good results and an order book as well. Other top gainers include Yes Bank and Eicher Motors. Among top losers are ONGC and BPCL.  

Global Markets:-

  • Asian markets are Higher today as Japanese ,Chinese and Hong Kong shares gain . The Nikkei 225 is up by 1.59% while the Hang Seng is up by 0.07%. The Shanghai Composite is off -0.04% And the australian ASX200 is up by 66 points and 1.13% up.
  • European markets finished broadly higher today with shares in France leading the region. The CAC 40 is up 1.53% while Germany's DAX is up 1.40% and London's FTSE 100 is up 0.43%.
  • U.S. stocks surged more than 2 percent on Tuesday after upbeat earnings reports from major companies, including UnitedHealth and Goldman Sachs, and solid economic data, as equities rebounded from a recent sharp sell-off. The S&P 500 registered its biggest daily percentage gain since March.
  • The Dow Jones Industrial Average rose 547.81 points, or 2.17 percent, to 25,798.36, the S&P 500 gained 60.06 points, or 2.18 percent, to 2,810.85 and the Nasdaq Composite added 215.13 points, or 2.9 percent, to 7,645.87.
  • U.S. industrial production increased for a fourth straight month in September, boosted by gains in manufacturing and mining output, but momentum slowed sharply in the third quarter. The Federal Reserve said industrial production rose 0.3 percent last month after increasing 0.4 percent in August. Economists polled by Reuters had forecast industrial output rising 0.2 percent in September.
  • Industrial production grew at a 3.3 percent annualized rate in the third quarter, decelerating from the 5.3 percent pace logged in the second quarter. 
  • U.S. job openings jumped to a record high in August, far outpacing a rise in hiring, suggesting that companies could be increasingly having difficulties finding qualified workers. The Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS, report on Tuesday that there were 7.14 million unfilled positions in the economy in August. 



Date : Oct-2018

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