Rupee opens little changed as rise in Oil price offsets recovery in risk assets

Rupee opens little changed as rise in Oil price offsets recovery in risk assets

31 May 2018 10:09 AM
Myforexeye Research Report

Financial Market Overview

31st May, 2018

Morning Coffee:-                                                                                  



  • Indian rupee open little changed against the dollar at 67.42, as crude oil prices rose, offsetting a recovery in risk asset demand from a selloff caused by Italian political impasse. Pair USDINR now at 67.37 against 67.4275 previous close.
  • Pair to tip in range between 67.29-67.59.

Indian Equities:-

  • Benchmark indices started off the expiry day on a strong note, tracking positive trend in global peers on easing of Italy political concerns.
  • The 30-share BSE Sensex rallied 141.30 points to 35047.41 and the 50-share NSE Nifty gained 42 points at 10,656.40.

Global Markets:-

  • Asian markets are higher today. The Shanghai Composite  gains1.14% , the Hong Kong's Hang Seng is up 0.82% and the Australain ASX is trading higher by 0.46%.
  • European markets finished mixed as of the most recent closing prices on Wednesday. The DAX gained 0.93% and the FTSE 100 rose 0.75%. The CAC 40 lost 0.20%.
  • US. stocks ended higher on Wednesday. The Dow Jones Industrial Average rose 306.47 points, or 1.26 percent, to 24,667.92, the S&P 500 gained 34.16 points, or 1.27 percent, to 2,724.02 and the Nasdaq Composite added 65.86 points, or 0.89 percent, to 7,462.45.
  • Brent crude jumped by more than $2 per barrel yesterday, its biggest advance in almost three weeks, the major oil producing nations could continue their output cut agreement till the end of the year. Saudi Arabia, other OPEC states, and non-OPEC allies plan to continue with their pact on cutting oil supplies until the end of 2018, but could be willing to make adjustments to offset any supply shortage.
  • China’s official manufacturing PMI rose to 51.9 in May from 51.4 in previous month. The reading was better than the 51.3 expected by economists poll.
  • The U.S. economy grew slightly less than initially reported in the first quarter, according to data released on Wednesday. Gross domestic product expanded at a 2.2% annual rate in the first three months of 2018, instead of the previously reported 2.3% pace, the Commerce Department said in its second GDP estimate.
  • US. private employers added 178,000 jobs in May, fewer than economists had forecast, a report by a payrolls processor ADP showed on Wednesday. Economists had expected the ADP nonfarm payrolls report to show a gain of 190,000 jobs.

Date : May-2018