Rupee rises post economic survey report

Rupee rises post economic survey report

29 Jan 2018 03:08 PM
Myforexeye Research Report

Financial Market Overview

29th January, 2018

Noon Update:-                                                                                  



  • The Indian rupee edged higher against the dollar in afternoon session, after the annual Economic Survey estimated domestic economy to grow between 7.00% and 7.50% in the next fiscal year, outweighing early losses tracking higher U.S. Treasury yields.
  • The rupee was last seen at 63.53 to a dollar, against 63.55 at close on Jan. 25. Indian financial markets were shut on Jan. 26 for Republic Day. The rupee opened at 63.60 and hit an intraday low of 63.62. Most Asian were trading lower against the dollar. 
  • The annual Economic Survey report prepared by the Chief Economic Adviser to the federal finance ministry forecasts growth in the next fiscal year starting Apr. 1 to range between 7.00% and 7.50%, accelerating from this financial year’s estimated 6.75%.

Indian Equities:-

  • Benchmark indices remained strong in afternoon, with the 30-share BSE Sensex rising 354.54 points or 0.98 percent to 36,404.84 and the 50-share NSE Nifty gaining 91.30 points or 0.82 percent at 11,160.50.
  • However, the market breadth was negative as about 1,462 shares declined against 1,214 advancing shares on the BSE.

Global Markets:-

  • European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.18% while Germany's DAX is up 0.04% and France's CAC 40 is up 0.03%..
  • Asian markets finished lower today with shares in China leading the region. The Shanghai Composite is down 0.99% while Hong Kong's Hang Seng is off 0.56% and Japan's Nikkei 225 is lower by 0.01%.
  • The dollar index, which measures the greenback against a basket of six major rivals, was trading up 0.1%, tracking higher U.S. Treasury yields.
  • The benchmark 10-year U.S. Treasury yield was up at 2.70% from 2.66% at previous close after data showed U.S. gross domestic product grew 2.6% in the last quarter of 2017, versus 3.2% in the third quarter and weaker than a 3% increase as forecast by a poll of economists.
  • Crude oil prices stayed higher amid strong demand and ongoing supply cuts from OPEC and Russia. The benchmark Brent crude oil contract was trading above the crucial $70 per barrel mark.

Recommended for you...