Rupee opens marginally higher as Dollar drops to 3-week low

Rupee opens marginally higher as Dollar drops to 3-week low

17 Apr 2018 10:30 AM
Myforexeye Research Report

Financial Market Overview

17th April, 2018

Morning Coffee:-                                                                                  



  • Indian rupee opens marginally higher against the dollar at 65.44 after President Donald Trump’s remarks pulled the U.S. currency to its lowest in three weeks. Pair USDINR now at 65.42 against 65.49 previous close.
  • Pair to tip in range between 65.30-65.60.

Indian Equities:-

  • Benchmark indices opened mildly higher amid positive global cues on Tuesday, continuing up-move for the ninth consecutive session.
  • The 30-share BSE Sensex was up 74.11 points at 34,379.54 and the 50-share NSE Nifty rose 21.00 points to 10,549.40.

Global Markets:-

  • Asian markets are mixed today. The Shanghai Composite is down 0.35%  while the Hong Kong's Hang Seng is even and the Australian ASX200 is trading higher by 0.40%.
  • European markets finished lower today with shares in London leading the region. The FTSE 100 is down 0.91% while Germany's DAX is off 0.41% and France's CAC 40 is lower by 0.04%.
  • S. stocks closed higher on Monday, with the biggest boosts from the technology and healthcare sectors as investors turned their focus to earnings season and appeared less worried about U.S.-led missile attacks in Syria. The Dow Jones Industrial Average rose 212.90 points, or 0.87 percent, to 24,573.04, the S&P 500 gained 21.54 points, or 0.81 percent, to 2,677.84 and the Nasdaq Composite added 49.64 points, or 0.7 percent, to 7,156.29.
  • The dollar index dropped by the most in three weeks in yesterday’s session as easing concerns over Syria dimmed demand for the safe-haven U.S. currency. The dollar’s losses against major currencies were also attributed to Trump’s comments on Twitter that “Russia and China are playing a currency devaluation game as the U.S. keeps raising interest rates,” which we said was “not acceptable.”
  • The Hong Kong dollar continued to be near the weaker side of its 7.75-7.85 trading band, trading at 7.8496 versus the dollar. The Hong Kong Monetary Authority stepped into currency markets once again in U.S. trading hours on Monday, buying HK$5.77 billion ($735 million) of Hong Kong dollars to keep the currency in the trading band.
  • China reported that its economy expanded 6.8% in the January to March period, a tick higher than what economist poll had forecast. China also reported March retail sales and industrial output data earlier. While industrial output came in below expectations, retail sales beat analyst estimates.

Date : Apr-2018