Rupee Rebounded from Record Lows On Hope of Nations PM To Review Economic Situation

Rupee Rebounded from Record Lows On Hope of Nations PM To Review Economic Situation

12 Sep 2018 05:56 PM
Myforexeye Research Report

Financial Market Overview

12th September, 2018

Evening Coffee:-



  • The Indian rupee rebounded from record-low levels intraday to end higher for the first time in three sessions, on news Prime Minister Narendra Modi may review the nation’s economic situation over the weekend, raising hopes for steps to stem the currency’s recent slump.
  • The rupee ended at 72.1850 to a dollar in Mumbai, against 72.69 at previous close. It fell to a record-low 72.91 earlier today before staging a full recovery to 71.9250, after a finance ministry official informed about Modi’s possible weekend review. Today also marked the rupee's largest single-session gain since May 25.

Indian Equities:-

  • Indian shares ended higher on Wednesday, snapping two sessions of declines, after the rupee recovered sharply following reports that Prime Minister Narendra Modi will review economic situation over the weekend and that a rate hike is not ruled out.
  • The Sensex ended up 304.83 points or 0.81% at 37717.96, while the Nifty is higher up 82.40 points or 0.73% at 11369.90. The market breadth is still negative as 1,119 shares advanced, against a decline of 1,512 shares, while 198 shares were unchanged.

Global Markets:-

  • European markets are higher today. The London's FTSE100 is higher by 0.19%, the DAX up by 0.19%, the Spain's IBEX35 off 0.13%, the CAC40 is gained by 0.52% and the SMI is trading higher by 0.30%.
  • The benchmark Brent crude oil climbed more than 2% yesterday to close at its highest level in over two months as the U.S. east coast braced for a major hurricane and on reports that U.S. sanctions against Iran crude exports, due to kick in from November, have already begun to hurt supply. It was last trading 0.2% higher at $79.18 per barrel, inching closer to $80.
  • India’s July Industrial Output up 6.6% on Year.
  • India's August Consumer Price Inflation up 3.69% on Year.
  • Risk sentiment across regional markets remained tepid amid worries that U.S. President Donald Trump may impose another round of tariffs on Chinese goods. The dollar index was last trading little changed.




Date : Sep-2018