Rupee remains lower tracking an uptick in the crude oil prices and weak local shares

Rupee remains lower tracking an uptick in the crude oil prices and weak local shares

16 Sep 2019 01:35 PM

Financial Market Overview

 16th September, 2019

Afternoon Update

 Indian Rupee

  • The Indian rupee remained lower in the afternoon session, tracking an uptick in the crude oil prices following an attack on a major oil facility in Saudi Arabia and weak local shares.
  • The rupee was trading at 71.49 to a dollar, against 70.9150 at previous close. The local unit opened at 71.62 and fell to 71.67 in early trade before rising to 71.42.

Indian Equities

  • Equities in India, the world's third-biggest importer of oil, slumped on Monday as oil prices surged after attacks on key oil producer Saudi Arabia's crude facilities over the weekend.
  • The broader NSE index fell as much as 0.86% to 10,980.35, and the benchmark BSE index too slipped 0.86% to 37,062.92.

Global Markets

  • Asian markets finished broadly lower today. Hong Kong's Hang Seng is down 1.04% and China's Shanghai Composite is down 0.02%.
  • European markets are lower today with shares in France off the most. The CAC 40 is down 0.71% while Germany's DAX is off 0.60% and London's FTSE 100 is lower by 0.36%.
  • The benchmark Brent crude oil contract and benchmark U.S. oil rose to multi-month high following an attack on a critical oil facility of Saudi Arabia over the weekend.
  • Crude oil prices, however, were off the day’s highs amid comments by U.S. President Donald Trump that he had authorized the release of oil from the country’s Strategic Petroleum Reserve, if needed, and reports that Saudi Arabia is aiming to restore a third of the lost output by end of day. Brent crude oil contract was last trading up 8.59% at $65.39 after having climbed to $71.95 earlier.