Nov 01 2018

Rupee Stays Higher As Dollar Index Eases

Financial Market Overview

1st November, 2018

Noon update

Indian Rupee:-

  • The Indian rupee remained higher against the dollar in afternoon trade, as the dollar index retreated from 16-month highs touched overnight, with further fall in crude oil prices also aiding sentiment.
  • The rupee was trading at 73.67 to a dollar, against 73.95 at close yesterday. It opened at 73.87 and has so far traded in a 20-paisa band.

Indian Equities:-

  • Indian shares were largely flat on Thursday in lacklustre trade, but a firmer rupee weighed down on IT stocks.
  • The broader NSE index was down 0.10% at 10,375.90, while the benchmark BSE index was 0.05% lower at 34,423.49.

Global Markets:-

  • Asian markets are trading higher today. The Hang Seng gains 1.45% while the Shanghai Composite rose 0.13%.
  • European markets are lower today. The London’s FTSE 100 is 0.52% lower, France’s CAC is 0.37% down, Germany’s DAX is lower by 0.09% and Spain’s IBEX is 0.05% down.
  • The benchmark Brent crude oil contract was trading 0.64% lower at $74.56 per barrel amid rise in U.S. crude oil inventories. The contract fell 8.8% in October, its largest fall since July 2016.
  • The dollar index was last trading off 0.4%. The index touched a 16-month high of 97.20 overnight after receiving boost from robust employment report. The ADP national employment U.S. private sector payrolls increased by the most in eight months in October.
  • The onshore yuan edged higher 0.4% higher, after the Caixin/Markit Manufacturing Purchasing Managers’ Index for October came in at 50.1, better than the 49.9 reading expected.