Jul 24 2018

Rupee opens lower tracking weaker Asian currencies

Financial Market Overview

24th July, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee opened lower against the U.S. currency at 68.9650 as President Donald Trump-induced downturn of the dollar has proved temporary and the U.S. currency  was “back on the offensive” especially against the Asian currencies . Pair USDINR now at 68.96 against its previous close of 68.86 on Monday.
  • We expect the pair to tip in range between 68.86-69.07 today.

Indian Equities:-

  • Indian Equity markets continued to remian in its bullish momentum, with the Sensex opening at a record high, while the Nifty has opened above 11,100.
  • The Sensex gains 89.00 points or 0.24% at 36807.60, while the Nifty is up 26.10 points or 0.24% at 11110.90. The market breadth is positive as 305 shares have advanced, 116 shares have declined, and 39 shares are unchanged.

Global Markets:-

  • Asian markets are higher today. The Shanghai Composite is  up 1.72%,  the Hong Kong’s Hang Seng gains 1.44% and the Australian’s ASX200 is trading higher by 0.62%.
  • European markets finished lower yesterday with shares in France leading the region. The CAC 40 closed down 0.37% while London’s FTSE 100 was off 0.30% and Germany’s DAX ended lower by 0.10%.
  • The S&P 500 rose on Monday as a jump in 10-year bond yields boosted financials and investors anticipated continued strength in corporate earnings and U.S. economic growth.The Dow Jones Industrial Average fell 12.97 points, or 0.05 percent, to 25,045.15, the S&P 500 gained 5.15 points, or 0.18 percent, to 2,806.98 and the Nasdaq Composite added 21.68 points, or 0.28 percent, to 7,841.87.
  • The dollar index recovered early losses and edged higher on Monday, helped by the biggest rise in 10-year Treasury yields in almost two months. Treasury yields rose after a selloff in Japan’s bond market amid speculation that the Bank of Japan may tweak its monetary policy as early as next week.
  • Japan’s manufacturing sector lost steam in July as demand for exports weakened. The Nikkei Japan Purchasing Managers Index for manufacturers for July showed a preliminary reading of 51.6, the lowest since November 2016, and down from 53.0 in June.
  • Existing U.S. homes unexpectedly fell in June, according to data showed by the National Association of Realtors on Monday. Existing home sales fell 0.6% in June from the previous month to an annualized pace of 5.38 million units.