Rupee Opened Lower As Chinese Yuan Dropped

Rupee Opened Lower As Chinese Yuan Dropped

30 Oct 2018 09:32 AM
Myforexeye Research Report

Financial Market Overview

30th October, 2018

Morning Coffee:-                                                                        



  • The Indian rupee opened lower against the U.S. currency as most Asian currencies fell amid a report that the U.S. is readying fresh tariffs on Chinese imports. The Chinese yuan dropped to 10-year lows against the dollar and equity indexes across Asia were mostly lower, which cited three people familiar with the matter, that the U.S. is preparing to announce tariffs on all remaining Chinese imports by early December if talks between the heads of the two countries do not ease the ongoing trade war.
  • The rupee opened at 73.55 versus the dollar compared with its previous close of 73.44, The rupee will not only have to contend with the threat of new U.S. tariffs on China but will also have to deal with another round of losses on Wall Street and the strength on the dollar index.
  • We Expect Pair to trade in the range between 73.30 to 73.70

Indian Equities:-

  • Equity benchmarks opened lower Today morning the Nifty holding 10,000 levels it opened at 10216 -34 points down.
  • The Sensex is down by 119 points opened at 33951.

Global Markets:-

  • Asian markets are higher today as Japanese ,Chinese and Hong Kong shares show gains. The Nikkei 225 is up 0.79% while the Hang Seng is up 0.04%. The Shanghai Composite is not trading. The Shanghai Composite is up 1.05% while the australian ASX200 is up by 33 points and 0.59% up.
  • European markets finished broadly higher today with shares in London leading the region. The FTSE 100 is up 1.25% while Germany's DAX is up 1.20% and France's CAC 40 is up 0.44%.
  • U.S. stocks fell on Monday in a volatile session, with the S&P 500 ending just shy of confirming its second correction of 2018, hurt by fresh worries of an escalation of U.S.-China trade tensions and a sharp drop in big tech and internet names.
  • The Dow Jones Industrial Average fell 245.05 points, or 0.99 percent, to 24,443.26, the S&P 500 lost 17.43 points, or 0.66 percent, to 2,641.26 and the Nasdaq Composite dropped 116.92 points, or 1.63 percent, to 7,050.29.
  • Germany's Angela Merkel said that her fourth term as chancellor would be her last and that she would step down as leader of the Christian Democrats (CDU), heralding the end of a 13-year era in which she has dominated European politics.
  • Merkel, who has been CDU chairwoman since 2000 and chancellor since 2005, announced the decision after her party suffered its second regional election setback in as many weeks. I have the firm feeling that today the time has come to open a new chapter," Merkel, looking serious but calm, told reporters in Berlin after a meeting of the CDU's leadership on Monday.
  • Finance minister Philip Hammond held out the prospect of an end to Britain's long spending squeeze provided the government secures a Brexit deal with the EU, putting pressure on the divided Conservative Party to back Prime Minister Theresa May.



Date : Oct-2018