Rupee Stays Down Tracking Weak Local Shares

Rupee Stays Down Tracking Weak Local Shares

14 Jun 2019 02:11 PM

Financial Market Overview

14th June, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee stayed lower against the dollar in thin afternoon trade, dragged down by losses in the local shares.
  • The rupee changed hands at 69.63 to the dollar against 69.51 at the previous close. The currency opened at yesterday’s close and has traded in a 69.51-69.65 band so far today.

Indian Equities

  • Indian shares edged lower on Friday, tracking broader Asia, as investors fretted over a rally in crude prices following tanker attacks in the Gulf of Oman on Thursday.
  • The broader NSE index fell 0.5% to 11,854.35, while the benchmark BSE index was 0.44% lower at 39,567.82.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.40%, while the Shanghai Composite led the Hang Seng lower. They fell 0.99% and 0.65% respectively.
  • European markets are lower today with shares in Germany off the most. The DAX is down 0.62% while London's FTSE 100 is off 0.31% and France's CAC 40 is lower by 0.27%.
  • The benchmark Brent crude oil contract was down 0.55% for the day at $60.97 per barrel in Asia trading on Friday, after yesterday’s 2.2% rise following an attack on two oil tankers near the Gulf of Oman.
  • China's industrial output growth slowed to a more than 17-year low of 5% in May and lagged market forecast of 5.5%. It rose marginally from 5.4% in April. Retail sales rose 8.6% in May from a year earlier, quickening from 7.2% rise in April and against expectations of a rebound to 8.1%.
  • Market participants will now eye U.S. retail sales numbers, due later today. The Federal Reserve meeting is scheduled next week. Data indicating weak spending could enhance the possibility of a rate cut by the Fed.

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