Nov 22 2018

Rupee Stays Higher In Thin Trade On Weak Dollar, Lower Crude

Financial Market Overview

22nd November, 2018

Noon update

Indian Rupee:-

  • The Indian rupee remained at near-three-month high against the dollar in thin afternoon trade, tracking broad weakness in the greenback and recent fall in crude oil prices.
  • The rupee changed hands at 71.14 to a dollar, against 71.45 at close on Nov. 20. It opened sharply higher and remained in a narrow 8-paisa band.

Indian Equities:-

  • Indian markets rose marginally on Thursday in thin trading, helped by a recovery from previous session in IT stocks such as Tech Mahindra Ltd and HCL Technologies Ltd, while some stability in broader Asia also boosted the sentiment.
  • The broader NSE Nifty was up 0.14% at 10,614.90, while the benchmark BSE Sensex rose 0.19% to 35,266.05.

 Global Markets:-

  • Asian shares are trading mixed today. The Hang Seng gained 0.11% while the Shanghai Composite was down 0.23%.
  • European shares are trading lower today. The London’s FTSE 100 lost 0.33%, France’s CAC lost 0.39% while Germany’s DAX was 0.28% lower and Spain’s IBEX35 was 0.43% lower.
  • The benchmark Brent crude oil prices that recorded an over 6% drop on Nov. 20 to $61.71 per barrel, its lowest in nearly a year amid concerns over increased supply and weak demand, was last trading 0.63% lower at $63.08 following a 1.5% rebound in overnight trade.
  • The dollar index was trading down 0.1% at 96.59, extending its overnight decline of 0.1%, as pause in the selloff on Wall Street and disappointing capital goods data weighed on the greenback’s performance against a basket of six major currencies.
  • Meanwhile, the euro rose 0.2% today, even as traders await clarity on the progress of a Brexit deal and political risks from Italy.