Rupee posted its best weekly gain in nearly 33 months

Rupee posted its best weekly gain in nearly 33 months

22 Nov 2018 05:51 PM
Financial Market Overview

22nd November, 2018

Evening Coffee:-                                                                                  



  • Indian rupee posted its best weekly rise in nearly 33 months and gained for a second week against the dollar, as crude oil prices extended their decline to a near-one-year low earlier this week, easing worries over widening current account deficit at home.
  • The rupee settled at 70.67 to a dollar, its highest since Aug. 29, against 71.45 at previous close. It traded in a 70.67-71.19 to dollar band today. The currency rose for a seventh consecutive session, its longest winning streak in more than 21 months.

Indian Equities:-

  • Indian shares erased early gains to end lower on Thursday due to broad-based losses across the sectors, with automaker Mahindra and Mahindra Ltd being the top loser on both the indexes.
  • The broader NSE index closed 0.69% lower at 10,526.75, while the benchmark BSE index was down 0.62% at 34,981.02.

Global Markets:-

  • European markets are lower today with shares in London off the most. The FTSE100 is down 1.05%, Germany's DAX is off 0.61%, the SMI fells 0.49%, France CAC and Eurozone's STOXX 50 both are down 0.47% while the Spain's IBEX35 is lower by 0.32%.
  • The benchmark Brent crude oil prices that recorded an over 6% drop on Nov. 20 to $61.71 per barrel, its lowest in nearly a year amid concerns over increased supply and weak demand, was last trading 1.2% lower at $62.72.
  • The dollar index fell for second straight session by 0.2% to 96.52, tracking a bounce in euro as hopes of Brexit deal increased amid reports of Britain and the European Union agreeing in principle on a trading relationship between U.K. and rest of the region. The single currency Euro rose 0.49% today as concerns over Italy’s budget eased on Rome’s budget negotiation with the EU.
  • US. second estimate of gross domestic product for the July-September quarter is due on Nov. 28, while India will likely release GDP data for the same period on Nov. 30. India’s monetary policy decision is due on Dec. 5, followed by The Organization of the Petroleum Exporting Countries’ meeting and key U.S. non-farm payroll data in first week of December.


Date : Nov-2018