Apr 10 2018

Rupee opens higher as Xi Jinping’s speech lifts risk mood

Financial Market Overview

10th April, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian Rupee open higher against the dollar at 64.87, after Chinese President Xi Jinping’s speech soothed investor anxieties over a trade war between the world’s largest two economies. Pair USDINR now at 64.91, against 65.0175 previous close.
  • Pair to tip in range between 64.80-65.00.

Indian Equities:-

  • Benchmark indices opened higher, following positive lead from global stocks after China’s comments on free trade.
  • The 30-share BSE Sensex was up 111.20 points at 33,899.74 and the 50-share NSE Nifty gained 36.60 points at 10,416.

Global Markets:-

  • Asian markets are higher today. The Hong Kong’s Hnag Seng is up 0.79%  the Australian ASX200 gains 0.62% and the Shanghai Composite is trading higher by 0.51%.
  • European markets finished higher today with shares in Germany leading the region. The DAX is up 0.17% while London’s FTSE 100 is up 0.15% and France’s CAC 40 is up 0.10%.
  • Wall Street’s major indexes rose on Monday as a softer stance by U.S. policymakers on China tariffs powered a rebound from last week’s sell-off, though stocks pared gains in the final minutes of the trading session. The Dow Jones Industrial Average rose 46.41 points, or 0.19 percent, to 23,979.17, the S&P 500 gained 8.69 points, or 0.33 percent, to 2,613.16, and the Nasdaq Composite added 35.23 points, or 0.51 percent, to 6,950.34.
  • Xi said today that the world should promote free trade and China will be undertaking major measures in opening market access. More importantly, he remarked that China will protect legal intellectual foreign property of foreign firms and will lower import tariffs for autos and other products.
  • Yuan and Korean won lead regional currencies higher. Dollar index little changed, after closing at two-week lows in previous session. Brent crude up 0.5% at $68.98, adding to previous session’s over 2% rally.