Jun 20 2018

Rupee remained higher tracking rebound in regional and local equities

Financial Market Overview

20th June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee stayed higher against the dollar in afternoon trade, tracking a rebound in regional and local shares after a recent sell-off amid ongoing trade spat between the U.S. and China.
  • The rupee was last seen at 68.09 to a dollar, from 68.38 at previous close. It has so far risen 0.4% today after opening at 68.10, reversing most of yesterday’s 0.6% loss. Most Asian currencies also recouped most of their losses and were trading mixed. The Chinese yuan gained 0.2%.

Indian Equities:-

  • The market remained strong in afternoon as Asian counterparts extend rally with Japan’s Nikkei, Hong Kong’s Hang Seng and South Korea’s Kospi rising a percent each after traders digest elevated fears of a trade war between the world’s largest economies US and China.
  • The 30-share BSE Sensex rallied 225.48 points to 35,512.22 and the 50-share NSE Nifty gained 55.35 points at 10,765.80, backed by index heavyweight Reliance Industries and banking & financials.

Global Markets:-

  • Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.24% while Hong Kong’s Hang Seng is up 0.89% and China’s Shanghai Composite is up 0.31%.
  • European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.98% while Germany’s DAX is up 0.44% and France’s CAC 40 is up 0.18%.
  • The dollar index, measured against a basket of six major currencies, was steady at 95.11, after rising to 11-month high yesterday.
  • The safe-haven Japanese yen was last trading down 0.1%, while the 10-year U.S. bond yield was up two basis points to 2.90% from 2.89% at its previous close and off the day’s low of 2.85%.
  • The benchmark Brent crude oil price was last trading up 0.7% at $75.61 per barrel. Investors await the Organization of the Petroleum Exporting Countries’ and other oil producers’ meeting on Jun. 22 in Vienna.