Rupee Stays Higher In Thin Trade Tracking Asian Currencies

Rupee Stays Higher In Thin Trade Tracking Asian Currencies

15 Jul 2019 01:32 PM

Financial Market Overview

15th July, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee stayed higher against the dollar in thin afternoon trade, tracking gains in Asian currencies as better-than-expected retail sales and industrial output data from China lifted sentiment across the region.
  • The rupee changed hands at 68.57 to a dollar against 68.68 at previous close. However, the local unit opened at 68.54 and has so far traded in a narrow six paisa range.

Indian Equities

  • Indian shares headed higher on Monday, in line with other Asian shares after China's second-quarter economic growth came in line with consensus, and industrial output and retail sales topped forecasts, suggesting the world's second-biggest economy may be starting to stabilize thanks to ramped-up stimulus from Beijing.
  • The broader NSE index was up 0.05% at 11,558.85, while the benchmark BSE index was 0.14% higher at 38,788.85.

Global Markets

  • Asian shares finished higher as of the most recent closing time. The Hang Seng gained 0.25% and the Shanghai Composite gained 0.40%.
  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.77% while France's CAC 40 is up 0.38% and London's FTSE 100 is up 0.11%.
  • Crude oil prices fell, after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand. The benchmark Brent crude contract was down 0.1% at $66.77 per barrel.
  • The dollar index was little changed after sliding about 0.5% last week, weighed by Fed chair Powell’s comments that indicated that a rate cut is coming. A quarter percentage rate cut at the July 30-31 policy review is a near certainty, according to Fed fund futures. There is a 1-in-4 chance of a 50 basis-points rate cut.