Rupee rises for 3rd day as US tax reform doubts hit Dollar

11 Oct 2017 12:03 PM
Financial Market Overview 11th October, 2017 Evening Coffee:-                                                                                       MARKETS AT CLOSE:- Rupee:-
  • The Indian rupee rose for a third straight day, as foreign banks sold dollars and as the greenback weakened after U.S. President Donald Trump’s twitter clash with a fellow Republican Senator over the government’s tax overhaul plans.  However, importers’ sustained dollar demand limited the rupee’s gains.
  • The rupee settled at 65.14 to a dollar, against 65.28 at the previous close. It traded in 65.13-65.3150 range today. Most other Asian currencies were mixed against the dollar.
Indian Equities:-
  • Indian shares reversed earlier gains to end lower on Wednesday, snapping a three-session winning streak, as investors took profits in banking stocks such as State Bank of India and Kotak Mahindra Bank Ltd.
  • The broader NSE index closed 0.32 percent lower at 9,984.80 after earlier rising as much as 0.5 percent. The benchmark BSE index ended down 0.28 percent at 31,833.99 after earlier gaining as much as 0.6 percent.
  • State Bank of India closed 2 percent lower, while Kotak Mahindra ended down 1.6 percent.
  • Both stock indexes had risen earlier in the day as Bharti Airtel Ltd surged after reports that a KKR-led consortium was in talks for a tower consolidation deal involving Airtel's tower arm Bharti Infratel and Indus Towers.  Bharti Airtel ended up 4.9 percent.
Global Markets:-
  • European markets are mixed. The DAX is higher by 0.01%, while the CAC 40 is leading the FTSE 100 lower. They are down 0.22% and 0.21% respectively.
  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.28% and the Shanghai Composite rose 0.16%. The Hang Seng lost 0.36%.
  • The dollar index, which measures the greenback against a basket of six major rivals, was last trading down 0.05%. It ended 0.4% lower overnight at 93.29, well off 94.27 it had hit on Oct. 6, its highest since Jul. 26, amid concerns the proposed U.S. tax code overhaul could face challenges in the light of latest developments.