Jun 21 2018

Rupee remained lower; BoE policy meet eyed

Financial Market Overview

21st June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee fell to 68.17/68.18 per dollar against previous close of 68.07/68.08, as comments from the Federal Reserve Chair Jerome Powell that the authority will continue to increase interest rates gradually boosted greenback demand. However, some dollar sales by state-run banks, likely for the central bank and exporters, limited further losses.

Indian Equities:-

  • The rangebound trade continued at Dalal Street after recent sharp up and down in the market caused by elevated trade tensions between world’s largest economies US and China.
  • The 30-share BSE Sensex is down 51.99 points to 35,495.34 and the 50-share NSE Nifty fell by 11.45 points at 10,460.60.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.61%, while the Shanghai Composite led the Hang Seng lower. They fell 1.37% and 1.35% respectively.
  • European markets are mixed. The FTSE 100 is higher by 0.13%, while the DAX is leading the CAC 40 lower. They are down 0.43% and 0.15% respectively.
  • The pound sank to a seven-month low on Thursday before a Bank of England monetary policy meeting where officials could indicate if interest rates will be raised this year despite a weak spell for the economy. No economists poll expect the BoE to raise rates and some are getting cold feet about their forecasts for a rate rise in August, which would be only the second increase by the central bank since the 2008 financial crisis.