Jul 23 2018

Rupee stays higher on broad Dollar weakness

Financial Market Overview

23rd July, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee stays higher against the dollar in afternoon trade, in line with most Asian currencies, after U.S. President Donald Trump said the greenback’s strength was hurting U.S. competitiveness.
  • The rupee was last seen at 68.70 to a dollar, against 68.84 at previous close. The currency has remained in a eight-paisa band intraday. It hit a record low of 69.13 on Jul. 20 amid weakness in the Chinese yuan, which was last trading 0.1% lower at 6.7744 against greenback.

Indian Equities:-

  • Indian shares rose on Monday, lifted by consumer stocks such as index heavyweight ITC Ltd after the Goods and Services Tax (GST) Council cut tax rates on scores of items while keeping the cess on cigarettes unchanged during its weekend meeting.
  • The Sensex is up 47.88 points or 0.13% at 36544.25, and the Nifty up 24 points or 0.22% at 11034.20. The market breadth is positive as 1135 shares advanced, against a decline of 836 shares, while 101 shares are unchanged.

Global Markets:-

  • Asian markets finished higher as of the most recent closing prices. The Shanghai Composite gained 1.07% and the Hang Seng rose 0.13%.
  • European markets are lower today. The London’s FTSE 100 is lower by 0.72%, the France’s CAC 40 fell 0.45 and the Germany’s DAX is down 0.26%.
  • The dollar index, measured against a basket of currencies, fell to a near-two-week low and was last trading off 0.1%, extending Friday’s 0.7% decline, after Trump commented on dollar strength.
  • Local markets now await next week’s outcome of Monetary Policy Committee meeting at home and the Fed’s monetary policy review.