Rupee Rises On Corporate Dollar Sales; Poll Outcome Eyed

Rupee Rises On Corporate Dollar Sales; Poll Outcome Eyed

21 May 2019 01:30 PM

Financial Market Overview

21st May, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee traded marginally higher against the dollar in thin afternoon trade, as few foreign banks stepped up greenback sales for their corporate clients even as most participants refrained from placing significant bets ahead of the crucial election outcome at home.
  • The rupee changed hands at 69.69 to a dollar against 69.7350 at the previous close. The local unit opened unchanged and traded in a 15-paisa band so far.

Indian Equities

  • Indian shares fell after rising to record highs on Tuesday, as expectations of a stable government ran high after exit polls on Sunday projected Prime Minister Narendra Modi winning a second term.
  • The broader NSE index was down 0.31% after hitting a record 11,883.55, while the benchmark BSE index was 0.22% lower after climbing to its highest at 39,571.73.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 lost 0.14%, while the Shanghai Composite gained 1.23% and Hang Seng fell 0.52%.
  • European markets are higher today. The DAX is up 0.42% while the FTSE 100 gains 0.31%. The CAC 40 is up 0.01%.
  • The dollar index traded 0.2% higher at 98.03, awaiting further cues on interest rate policy by the U.S. authority in its minutes of the latest meeting due tomorrow.
  • Crude prices traded firm after an overnight drop. The benchmark Brent crude price was last trading 0.03% higher at $71.99 per barrel, on escalating tensions between U.S. and Iran and on signs that producer club OPEC will continue withholding supply this year.

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