Oct 29 2018

Rupee Rises Tracking Weak Dollar

Financial Market Overview

29th October, 2018

Noon update

Indian Rupee:-

  • The Indian rupee rose against dollar, tracking broad weakness in the greenback as Wall Street extended losses despite upbeat U.S. third-quarter economic output data. However, dollar demand from oil and other importers limited further gains.
  • The rupee changed hands at 73.35 to a dollar, against 73.4550 at the previous close. The currency opened at 73.35 and has so far traded in a 15-paisa band.

Indian Equities:-

  • Indian shares are higher today as investors lauded a solid set of second-quarter earnings in large-cap companies. This follows a tumultuous week across the globe amid heightened worries about corporate earnings and a slowdown in global economic growth.
  • The broader NSE index was up 1.29% at 10,159.50 and the benchmark BSE index was 1.30% higher at 33,782.85.

Global Markets:-

  • Asian shares are mixed today. The Hang Seng gains 0.39% while the Shanghai Composite is down 2.18%.
  • The London’s FTSE 100 is up by 0.66%, German DAX is 0.65% higher and Spain’s IBEX35 is up by 0.93%.
  • The benchmark Brent crude oil prices that posted its third straight session of losses last week, was last trading off 0.66% at $77.11 per barrel, on fragile risk sentiments. However, the prices have gained nearly 2% in last two sessions as investors awaited U.S. sanctions on Iran that will come into effect from next month.
  • The dollar index fell by the most in two weeks on Friday after another selloff in U.S. equities prompted Treasury yields to decline further. The dollar index was last trading little changed.
  • The U.S. fixed income market shrugged off a robust GDP report, which showed that the world’s largest economy expanded at an annualized rate of 3.5% in the third quarter, faster than the 3.3% expected. Traders now await the non-farm payroll data due later this week for further cues ahead of Federal Reserve’s monetary policy meet on Nov. 7 and Nov. 8.