May 22 2018

Rupee stays higher on weak Dollar

Financial Market Overview

22nd May, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee remained higher against the dollar in afternoon trade and was headed for its first gain in three sessions, tracking an overnight selloff in the greenback ahead of the release of the Federal Reserve’s latest policy meeting minutes tomorrow.
  • The rupee was last seen at 68.05 to a dollar, against 68.12 at the previous close. It rose to 67.93 earlier today but has since given up some gains on oil-related dollar purchases. Most Asian currencies were also trading higher against the greenback.

Indian Equities:-

  • The market is trading mildly higher amid consolidation as investors await SBI earnings due later in the day. Investors also closely monitor the movement in rupee and crude oil prices.
  • The Sensex is up 55.78 points at 34,671.50 and the Nifty gained 16.90 points at 10,533.60.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng is closed and the Shanghai Composite rose 0.02%. The Nikkei 225 lost 0.18%.
  • European markets are mixed today. The FTSE 100 is up 0.22% while the DAX gains 0.01%. The CAC 40 is off 0.02%..
  • The benchmark Brent crude oil price was up 0.6% at $79.69 per barrel, adding to 0.9% gains in overnight trade, supported by political uncertainty surrounding Venezuela, looming sanctions over major oil exporter Iran and ongoing supply cuts. The prices rose as much as $80.50 per barrel last week, its highest since November 2014.
  • The dollar index was last trading little changed, off its highest level since mid-December hit yesterday. The 10-year U.S. bond yields declined further today and are now down eight basis points from last week’s multiyear highs. Investors await the minutes of the U.S. central bank’s April monetary policy meeting, due to be released tomorrow, to gauge its stance on inflation in the world’s largest economy.