Jul 09 2018

Rupee stays higher on broad Dollar weakness

Financial Market Overview

09th July, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee remained higher against the dollar in afternoon trade, on weaker-than-expected U.S. wage growth data that dragged the dollar index to near-one-month lows..
  • The rupee was last seen at 68.66 to a dollar, against 68.8725 at close on Jul. 6. It opened at 68.57 and has so far remained in a 14-paisa band. Most Asian currencies also rose against the greenback.

Indian Equities:-

  • The benchmark indices are continue to trade higher in the afternoon session.
  • The Sensex gained,255.58 points at 35,913.44 and the Nifty rose 72.70 points to 10,845.35.

Global Markets:-

  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai composite gained 2.49% and the Hong Kong’s Hang Seng closed up by 1.39%.
  • European markets are higher today with shares in France leading the region. The CAC 40 is up 0.63% while London’s FTSE 100 is up 0.40% and Germany’s DAX is up 0.24%.
  • The benchmark Brent crude oil price was last trading up 0.54% at $77.50 per barrel against previous close of $77.11, on tightening supply as U.S. crude inventories fell to their lowest in more than three years, data showed last week.
  • The dollar index declined 0.24% to 93.81, its lowest since Jun. 14, adding to losses from Jul. 6 after June U.S. average hourly earnings rose by 0.2% from the prior month, slower than the 0.3% pace expected by economists, and unemployment rate climbed to 4% from 3.8% earlier.
  • Resignation of two British government officials, David Davis and Steven Baker, over the Brexit plan put the future of Prime Minister Theresa May in doubt, two days after a meeting at May’s residence to overcome the deep divisions,. Brexit Secretary David Davis said he could not support the Brexit plan agreed at Chequers on Jul. 6, according to reports.