Feb 14 2018

Rupee opens higher on Broad Dollar weakness

Financial Market Overview

14th February, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opens higher against the dollar at 64.15, tracking an overnight fall in the greenback and on improved domestic sentiment following the better-than-expected economic data. Pair USDINR now at 64.09 against 64.31 previous close.
  • Data released post market hours on Monday showed India’s retail inflation rate stood at 5.07% on year in January, slowing from 5.21% in December. Meanwhile, India’s industrial production rose 7.1% on year in December, lower than November’s upwardly revised expansion of 8.8%, but well above a 6.2% median estimate as per a poll of economists.
  • Pair to tip in range between 64.00-64.20 today.

Indian Equities:-

  • Benchmark indices started off the day higher on Wednesday, with the Sensex rising around 100 points, tracking positive global cues.
  • The 30-share BSE Sensex was up 86.64 points at 34,387.11 and the 50-share NSE Nifty gained 29.70 points at 10,569.50.

Global Markets:-

  • Asian markets are mixed today ,the Hang Seng is up 0.77% while the Shanghai Composite is down 0.30% and the Australian ASX200 is trading lower by 0.28%.
  • European markets finished lower today with shares in Germany leading the region. The DAX is down 0.70% while France’s CAC 40 is off 0.60% and London’s FTSE 100 is lower by 0.13%.
  • Wall Street climbed on Tuesday for a third straight session, buoyed by Amazon.com and Apple , while investors focused on inflation data on Wednesday that could upset the market’s fragile recovery – or clear the way for more gains. Based on the latest available data, the Dow Jones Industrial Average rose 39.18 points, or 0.16 percent, to 24,640.45, the S&P 500 gained 6.97 points, or 0.26 percent, to 2,662.97 and the Nasdaq Composite added 31.55 points, or 0.45 percent, to 7,013.51.
  • Japan reported provisional fourth quarter GDP at 0.5% on year, compared to a 0.9% gain seen and a 0.1% rise on quarter with a 0.2% increase seen.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended over half a percent lower overnight, tracking a corresponding 0.48% rise in the euro yesterday that prompted traders to dump the greenback for riskier assets. Yesterday’s session also marked the index’s largest single session decline since Jan.24 and was last trading down 0.08% ahead of the U.S. January inflation data due later today.