Jun 06 2018

Rupee opens higher on broad Dollar weakness, RBI monetary policy eyed

Financial Market Overview

06th June, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opened higher against the dollar at 67.08 ahead of the monetary policy decision from the nation’s rate-setting panel. Pair USDINR now at 67.03 against 67.1450 previous close.
  • We expect the pair to tip in range between 66.84-67.23 today.

Indian Equities:-

  • D-Street has begun the session on a flat note, but with a positive bias, even as investors look for cues ahead of Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meet outcome later in the day.
  • The Sensex is up 51.86 points or 0.15% at 34955.07, and the is Nifty up 13.10 points or 0.12% at 10606.30. About 232 shares advanced against a decline of 291 shares, while 48 shares were unchanged

Global Markets:-

  • Asian markets are mixed today. The Australian’s ASX200 is up 0.44%, the Hong Kong’s Heng Seng gains 0.35% while the Shanghai Composite is trading lower by 0.19%.
  • European markets finished mixed as of the most recent closing prices on Tuesday. The DAX gained 0.13%, while the FTSE 100 led the CAC 40 lower. They fell 0.70% and 0.22% respectively.
  • The S&P 500 edged higher on Tuesday as investors were encouraged by U.S. economic data, and the Nasdaq closed at a record high for the second day in a row with help from the technology and consumer discretionary sectors. The Dow Jones Industrial Average fell 13.71 points, or 0.06 percent, to 24,799.98, the S&P 500 gained 1.93 points, or 0.07 percent, to 2,748.8 and the Nasdaq Composite added 31.40 points, or 0.41 percent, to 7,637.86.
  • The dollar index edged lower in Wednesday, headed for a third day of losses. The euro’s recovery against the U.S. currency continued after the Italian Prime Minister said the county had never considered leaving the Eurozone. The common currency was further helped by a report that said the European Central Bank could conclude its next policy meeting this month with a public announcement on when its quantitative easing program would end.
  • S. job openings rose to a record high in April, but hiring continued to lag, pointing to a worsening shortage of workers. Job openings, a measure of labor demand, increased to a seasonally adjusted 6.7 million from 6.6 million in March, the Labor Department said on Tuesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS.
  • The rate of growth in the US economy’s service sector accelerated again in May, according to a report released on Tuesday. The Institute of Supply Management said its non-manufacturing purchasing managers’ index rose to 58.6 in May, from 56.8 the previous month.