Jun 22 2018

Rupee opens higher on broad Dollar weakness; OPEC meet in focus

Financial Market Overview

22nd June, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee open higher against the dollar at 67.81, as fall in Treasury yields and tepid economic data led to broad-based weakness in the U.S. currency. Pair USDINR now at 67.83 against 67.98 previous close.
  • We expect the pair to tip in range between 67.73-67.96 today.

Indian Equities:-

  • Benchmark indices started off the tarde on a weak note Friday amid mixed Asian cues ahead of OPEC meeting decision due later in the day.
  • The Sensex fell 23.01 points to 35,409.38 and the Nifty declined 12.90 points to 10,728.20.

Global Markets:-

  • Asian markets are mixed today The Hong Kong’s Heng Seng down 0.33%, the Australian ASX200 fell 0.22% while the Shanghai Composite is trading higher by 0.35%.
  • European markets finished broadly lower yesterday with shares in Germany leading the region. The DAX is down 1.44% while France’s CAC 40 is off 1.05% and London’s FTSE 100 is lower by 0.93%.
  • US. stocks fell on Thursday, with the Dow marking an eighth straight decline, as industrials wobbled again on trade war concerns while Amazon and other online retailers weakened after a U.S. Supreme Court ruling on state sales tax collection. The Dow Jones Industrial Average fell 196.1 points, or 0.8 percent, to 24,461.7, the S&P 500 lost 17.56 points, or 0.63 percent, to 2,749.76 and the Nasdaq Composite dropped 68.56 points, or 0.88 percent, to 7,712.95.
  • The dollar index suffered its biggest decline this month on Thursday, pulling back from 11-month highs. Traders attributed the fall to the weak reading on Philadelphia Federal Reserve’s manufacturing index, which fell to a one-and-a-half-year low, and the decline in 10-year U.S. bond yields back to near 2.90%.
  • OPEC members and other major producers are meeting in Vienna to decide whether the recent run-up in oil prices and reduced concerns over excess supply warrant a production increase. While the world’s top two producers, Saudi Arabia and Russia, are in favor of increasing production, other members have appeared reluctant.
  • Among the rupee’s peers, the Korean won was up 0.2% on Friday, while the Malaysian ringgit and the Thai baht edged higher by 0.1%.