Jul 17 2018

Rupee opens higher as Crude oil extends its fall

Financial Market Overview

17th July, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opened higher against the dollar at 68.39 after Brent crude extended its fall, dropping to the lowest level since mid-April. Pair USDINR now at 68.38 against the previous close of 68.57.
  • We expect the pair to tip in range between 68.32-68.52 today.

Indian Equities:-

  • Equity Indices have started the day on a flat note on Tuesday morning, with the Nifty opening below 10,950-mark.
  • The Sensex fell marginally by 24.41 points or 0.07% at 36299.36, while the Nifty is trading mildly higher by 0.30 points or 0.00% at 10937.20. The market breadth is narrow as 260 shares advanced, against a decline of 175 shares, while 46 shares are unchanged.

Global Markets:-

  • Asian markets are lower today. The Shanghai Composite is off 1.01%,  the Hong Kong’s Hang Seng is down 0.99% and the Australian’s  ASX200 is trading lower by 0.47%.
  • European markets finished mixed as of the most recent closing prices on Monday. The DAX closed down 0.16%, while the FTSE 100 led the CAC 40 lower. They fell 0.80% and 0.36% respectively.
  • US. stocks mostly edged lower on Monday following a fall in oil prices which weighed on energy shares and offset a jump in financials as Bank of America’s results reinforced expectations of a strong U.S. earnings season. The Dow Jones Industrial Average rose 44.95 points, or 0.18 percent, to 25,064.36, the S&P 500 lost 2.87 points, or 0.10 percent, to 2,798.44 and the Nasdaq Composite dropped 20.26 points, or 0.26 percent, to 7,805.72.
  • Brent crude declined by more than 4.5% yesterday on the  comments by the U.S. Treasury Secretary Steve Mnuchin that a few oil buyers may possibly receive waivers to continue purchasing from Iran supplies despite the American sanctions.
  • The dollar index was tarding little changed and the majority of Asian currencies are higher on Tuesday before the Federal Reserve Chairman Jerome Powell’s first congressional testimony. Powell will testify on the economy and monetary policy before the U.S. Senate Banking Committee later today, followed by testimony to the House of Representatives Financial Services Committee on Wednesday.
  • In data released on Monday, the U.S. retail sales rose 0.5% last month, in line with expectations. The May data was revised higher to 1.3% increase in sales from 0.8% previously reported.