Feb 09 2018

Rupee stays down as sentiment sours on global equity rout

Financial Market Overview

09th February, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee continued to hover at multi-week lows against the dollar in afternoon session, tracking another massive sell-off in global equities in reaction to a rise in bond yields post solid U.S. economic data. However, a sustained slide in crude oil prices limited further losses in the rupee.
  • The rupee was last seen at 64.32 to a dollar, against 64.26 at close in the previous session. It opened at 64.42 to a dollar, its lowest since Dec. 18. Most Asian currencies were also weaker against the dollar.

Indian Equities:-

  • Benchmark indices recouped some morning losses, with the Sensex trading lower by 375.53 points or 1.09 percent at 34,037.63 against more than 500 points loss in early trade.
  • The 50-share NSE Nifty is also inching towards 10,500 levels, falling 109.65 points or 1.04 percent to 10,467.20. The Nifty Midcap index extended gains to 0.33 percent.

Global Markets:-

  • European markets are mixed today. The DAX is up 0.03% while the CAC 40 is down 0.16% and the FTSE 100 is off 0.32%.
  • Asian markets finished sharply lower today with shares in China leading the region. The Shanghai Composite is down 4.05% while Hong Kong’s Hang Seng is off 3.10% and Japan’s Nikkei 225 is lower by 2.32%.
  • The dollar index, which measures the greenback against a basket of six major rivals, ended little changed in an overnight trade and was last trading steady.
  • The Bank of England said yesterday it was likely to increase interest rates sooner than expected as Britain’s economy got a boost from recovery in global markets, reaffirming bets that the global central banks are moving close to monetary policy tightening.