Aug 10 2018

Rupee opened lower as dollar index edged higher

Financial Market Overview

10th August, 2018

Morning Update:-                                                                             

MARKETS AT Open:-

Rupee:-

  • The Indian rupee opened lower by 15 paise at 68.83 per dollar on Friday versus previous close 68.68. As dollar index edged higher by 0.1% at 95.58 in Friday trading to add to its previous day’s 0.5% advance. The South Korean won and the Chinese yuan paced declines in Asian currencies
  • We expect the pair to trade in the range between 68.65-68.95 today.

Indian Equities:-

  • A flat start to the market on this Friday morning, with the Nifty trading around 11,450 in the opening tick, while the Sensex has breached 38,000.
  • The Sensex was up 6.56 points or 0.02% at 38030.93, while the Nifty was down 6.30 points or 0.05% at 11464.40. The market breadth is positive as 394 shares advanced, against a decline of 176 shares, while 55 shares were unchanged. IT and metal stocks are witnessing some strength, while the midcap index is trading flat with a positive bias. Investors are booking profits in banks as well as indulging in fence-sitting ahead of State Bank of India’s results.

Global Markets:-

  • Asian markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.46% while the Hang Seng is down -0.43%. The Shanghai Composite is trading lower today it loss by -0.14%.The Australian’s ASX200 is little negative by -0.6%.
  • European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 0.75% and the DAX rose 0.34%. The CAC 40 lost 0.35%.
  • The S&P 500 and Dow ended down slightly on Thursday as gains in Apple and Amazon were offset by losses in energy shares. The Dow Jones Industrial Average fell 74.52 points, or 0.29 percent, to 25,509.23, the S&P 500 lost 4.12 points, or 0.14 percent, to 2,853.58 and the Nasdaq Composite added 3.46 points, or 0.04 percent, to 7,891.78.
  • The dollar index edged higher up by 0.1% at 95.58 in Friday trading to add to its previous day’s 0.5% advance. The South Korean won and the Chinese yuan paced declines in Asian currencies
  • U.S. producer prices were unchanged in July for the first time in seven months as a modest increase in the cost of goods was offset by a drop in services, but underlying producer inflation continued to push higher.The Labor Department said the unchanged reading in its producer price index for final demand followed a 0.3 percent increase in June. In the 12 months through July, the PPI advanced 3.3 percent, slowing after June’s 3.4 percent increase.  Forecasted PPI was increasing 0.2 percent in July and rising 3.4 percent year-on-year.
  • U.S. wholesale prices were unchanged in July as costs for services fell for the first time this year, a Labor Department report showed Thursday in Washington. The cost of goods rose 0.1 percent from June, bringing the annual increase to 4.5 percent – the biggest gain since December 2011, the report showed. Services prices decreased 0.1 percent from the prior month, reflecting lower margins at wholesalers and retailers. Margins for fuels and lubricants retailing dropped 12.7 percent.