Financial Market Overview
04th July, 2018
MARKETS AT Noon:-
- Indian rupee edged higher against the dollar in thin afternoon trade, as gains in the Chinese yuan and broad weakness in the greenback kept most Asian currencies higher. However, oil and other importers’ dollar demand kept the gains limited.
- The rupee was last seen at 68.54 to a dollar, from 68.58 at previous close. It opened at 68.52 to dollar and has remained in 13-paisa band so far. U.S. financial markets are closed today for Independence Day.
- The market gained strength in afternoon after Cabinet Committee approved the proposal to raise minimum support price for kharif crops.
- India’s federal cabinet today approved raising minimum support prices of Kharif, or summer-sown crops, for the 2018-2019 season, a senior government official said.
- The Sensex is up more than 100 points while the Nifty is trading firmly above 10,700 levels The 30-share BSE Sensex gained 101.81 points at 35480.41 and the 50-share NSE Nifty rose 32.40 points to 10,732.30..
- Asian markets finished lower today with shares in China leading the region. The Shanghai Composite is down 1.00% while Hong Kong’s Hang Seng is off 0.96% and Japan’s Nikkei 225 is lower by 0.31%.
- European markets are lower today with shares in London off the most. The FTSE 100 is down 0.21% while Germany’s DAX is off 0.20% and France’s CAC 40 is lower by 0.04%.
- The Chinese yuan was trading up 0.46% against the greenback at 6.61 against the dollar, off its yesterday’s low of 6.7168. The Chinese central bank yesterday said it was closely watching fluctuations in the foreign exchange market and would seek to keep the yuan at a reasonable level.
- Global market participants await minutes of Federal Reserve’s last meeting due tomorrow and the non-farm payroll data due for release later this week along with developments on the trade situation between the U.S. and China.