Rupee stays higher as slower U.S wage growth hurts Dollar

Financial Market Overview

12th March, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee kept gains in afternoon trade and was on course to snap a two-session loss, tracking dollar weakness against most Asian peers, after slower U.S. wage growth allayed concerns about inflation picking up and resulting in faster pace of Fed rate hikes.
  • The rupee was last seen at 64.99 to a dollar, against 65.17 at close in the previous session. The rupee has moved in an eight-paise band so far today.
  • India’s retail inflation data is due after market close today. According to economists poll, inflation is expected at 4.8% in February, down from 5.07% in the previous month.

Indian Equities:-

  • Benchmark indices extended gains in afternoon, with the Sensex rising 376.50 points to 33,683.64, backed by FMCG, technology, private banks and auto stocks. The 50-share NSE Nifty reclaimed 10,350 levels, rising 129 points to 10,356.
  • However, the market breadth was negative as about 1,363 shares declined against 1,162 advancing shares on the BSE.

Global Markets:-

  • European markets are mixed on Friday. The CAC 40 is up 0.39% while the FTSE 100 gains 0.31%. The DAX is down 0.07%.
  • Asian markets finished broadly higher on Friday with shares in Hong Kong leading the region. The Hang Seng is up 1.88% while Japan’s Nikkei 225 is up 1.65% and China’s Shanghai Composite is up 0.59%.
  • The dollar index, which measures the greenback against a basket of six major currencies, ended 0.1% lower on Mar. 9 after a choppy trade, as data showed that the U.S. economy added more number of jobs than expected, but average hourly earnings rose less than projections. It was last trading down 0.12%.