Jul 13 2018

Rupee opens higher tracking recovery in Asian currencies

Financial Market Overview

13th July, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee open higher against the dollar at 68.37, buoyed by a recovery in most regional currencies and lower-than-expected June retail inflation at home. Pair USDINR now at 68.37 against 68.57 at previous close.
  • We expect the pair to tip in range between 68.25-68.50 today.

Indian Equities:-

  • The market has started the last day of week on a positive note, with the Sensex rose around 100 points in the opening trades, while the Nifty has managed to stay around 11,000-mark.
  • The Sensex gains 97.49 points or 0.27% at 36645.90, while the Nifty is up by 26.80 points or 0.24% at 11050.00. The market breadth is positive as 259 shares advanced, against a decline of 87 shares, while 36 shares are unchanged.

Global Markets:-

  • Asian markets are mixed today. The Shanghai Composite is off 0.12%, the Australian’ ASX200 is down 0.07% while the Hong Kong’s Hang Seng is trading higher by 0.53%.
  • European markets finished higher yesterday with shares in France leading the region. The CAC 40 was up 0.97% while London’s FTSE 100 rose 0.78% and Germany’s DAX closed higher by 0.61%.
  • US. stocks climbed on Thursday as top technology names hit record highs and industrials rebounded, offsetting worries about a U.S.-China trade war. The Dow Jones Industrial Average rose 225.45 points, or 0.91 percent, to 24,925.9, the S&P 500 gained 24.31 points, or 0.88 percent, to 2,798.33 and the Nasdaq Composite added 107.31 points, or 1.39 percent, to 7,823.92.
  • Headline retail inflation data in India and the U.S. came in below expectations. Retail prices in India rose 5% in June, up from 4.9% in prior month, but less than the 5.3% median forecast of economists in a survey. Consumer prices in U.S. rose 0.1% on-month in June, less than the 0.2% pace expected by economists. Excluding the volatile food and energy components, the CPI rose 0.2%, in-line with expectations.
  • The Chinese yuan edged higher to 6.6630 against the dollar on Friday. Earlier, China reported that the yuan-denominated imports rose by 11.5% in the first half of the year and exports increased by 4.9%.