May 25 2018

Rupee opens higher as rise in Oil prices started cooling off

Financial Market Overview

25th May, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opens higher against the dollar at 68.25, as pullback in crude oil prices helps override the rise in risk aversion amid President Donald Trump’s cancellation of the North Korea summit. Pair USDINR now at 68.23 against 68.3425 previous close.
  • Pair to tip in range between 68.15-68.40.

Indian Equities:-

  • Benchmark indices opened mildly higher on the last day of week, backed by technology stocks.
  • The 30-share BSE Sensex rose 63.47 points to 34,726.58 and the 50-share NSE Nifty gained 16.10 points at 10,530.

Global Markets:-

  • Asian markets are lower today. The Hong Kong Hang Seng lost 0.29% , the Shanghai Composite is down 0.07% and the Australain ASX is trading lower by 0.07%.
  • European markets finished lower yesterday with shares in Germany leading the region. The DAX is down 0.94% while London’s FTSE 100 is off 0.92% and France’s CAC 40 is lower by 0.31%.
  • US. stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea’s Kim Jong Un and ordered a probe of auto imports, while gains in Netflix NFLX.O pushed its market value to a record. The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43.
  • Trump cancelled the summit with North Korean leader Kim Jong Un, which was scheduled for next month. In a letter addressed to Pyongyang, the U.S. President said that based on the “open hostility displayed in your recent statements,” he did not think it was appropriate to have the planned summit.
  • Brent crude fell by the most in two weeks on Thursday after Russian Energy Minister Alexander Novak said restrictions on oil production could be eased if OPEC and other members see oil market balancing in June.
  • Sales of previously-owned U.S. homes fell in April, according to figures released by the National Association of Realtors on Thursday. Existing home sales fell 2.5% in April from the previous month to an annualized pace of 5.46 million units.