Rupee Slumps To Record Low On Oil, Govt Remarks On Revenue

Rupee Slumps To Record Low On Oil, Govt Remarks On Revenue

09 Oct 2018 02:16 PM
Myforexeye Research Report

Financial Market Overview

9th October, 2018

Noon update

Indian Rupee:-

  • The Indian rupee slumped to a fresh lifetime low against the dollar in afternoon trade, as oil importers’ greenback buys and comments from finance ministry officials on possible revenue shortfall hurt sentiments.
  • The rupee changed hands at 74.24 to a dollar, against a record-close of 74.06 yesterday. The currency opened higher at 73.87, led by a rebound in the Chinese yuan.

Indian Equities:-

  • The benchmark BSE Sensex and the broader NSE index were down led by losses in Tata Motors after disappointing Jaguar Land Rover sales. Most Asian shares also reversed early gains to trade lower.
  • The BSE Sensex was down 0.07% at 34450.03 and NSE index was down 0.09% at 10338.85.

Global Markets:-

  • Shares in Hong Kong are lower today as the Hang Seng looses 0.11%. The Shanghai Composite is higher by 0.17%.
  • European markets are mixed today . The German DAX is down 0.14% while France's CAC 40 is up 0.09%. London's FTSE 100 is down 5.09%.
  • The Brent crude oil contract rose by 0.57% to $84.39 per barrel, as crude exports from Iran, one of the major oil exporters, declined ahead of U.S. sanctions due next month. Oil prices had dropped for last three sessions after reports of some countries receiving waivers from the U.S. and hopes of increase in supply by Saudi Arabia.
  • The U.S. 10-year Treasury yield was trading at fresh seven-year high of 3.2537%. The dollar index was trading up 0.1% at 95.81.
  • Meanwhile, the onshore yuan edged higher to 6.92 against the dollar today, after sliding 0.9% yesterday following a cut in lenders’ reserve requirements by the People’s Bank of China. The yuan’s rebound came amid comments by a senior Treasury official that the U.S. remains concerned about China’s recent currency depreciation.



Date : 9-Oct-2018