Jun 13 2018

Rupee stays lower ahead of FED outcome

Financial Market Overview

13th June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee continued to trade lower against the dollar in afternoon trade, amid a broad rally in the U.S. currency before a near-certain interest rate increase by the Federal Reserve.
  • The rupee was last seen at 67.61 to a dollar, against 67.48 at previous close. The currency has so far traded in a near 13-paise range amid suspected dollar selling by the central bank and demand for the U.S. currency from private sector lenders, probably at the behest of their corporate clients.

Indian Equities:-

  • Indian shares edged higher or Wednesday, set for their third straight winning session, as top software services exporter Tata Consultancy Services Ltd gained on hopes that it would buy back stock, while solid monthly industrial growth data on Tuesday boosted market sentiment.
  • The Sensex is up 147.92 points at 35,840.44, and the Nifty gains by  38.45 points at 10881.30.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.38%, while the Hang Seng led the Shanghai Composite lower. They fell 1.25% and 0.97% respectively.
  • European markets are mixed. The CAC 40 is higher by 0.07%, while the FTSE 100 is leading the DAX lower. They are down 0.30% and 0.09% respectively.
  • The dollar index edged higher in trading Wednesday and the U.S. currency was higher versus most regional currencies before the Fed’s widely-expected second quarter-percentage-point interest rate increase this year. While the rate hike is well discounted by market participants, there is considerable uncertainty over what the monetary authority will signal in terms of the pace of future monetary tightening.