Mar 14 2019

Rupee Stays Lower Amid RBI’s Forex Swaps Decision

Financial Market Overview

14th March, 2019

Noon update

Indian Rupee:-

  • The Indian rupee remained lower against the dollar in afternoon session, as traders considered the impact of the central bank’s announcement to conduct long-term foreign exchange swaps to infuse domestic liquidity, while rupee forward premiums tumbled.
  • The rupee changed hands at 69.63 to a dollar against 69.5350 at the previous close. The currency opened lower at 69.67 per dollar and has traded in a 22-paise range so far.

Indian Equities:-

  • Indian shares was trading flat in afternoon trade, as markets continued to factor in a win for the incumbent Bharatiya Janata Party-led coalition government in a general election starting next month.
  • The broader NSE index was down 0.04% at 11,337.25 and the benchmark BSE index was 0.02% lower at 37,745.55.

Global Markets:-

  • Asian markets finished unchanged to lower today. The Nikkei 225 was down 0.02% while Hong Kong’s Hang Seng was up 0.09% and China’s Shanghai Composite was down 1.20%.
  • European markets are mixed today. The DAX is down 0.01% while CAC is up 0.19% and the FTSE 100 is up 0.03%.
  • Brent crude was trading 0.58% higher at $67.94 for the third straight day after closing yesterday at its highest level since mid-November amid upbeat U.S. risk appetite amid falling U.S. inventories.
  • The dollar index was last trading little changed at 96.53 after declining for the fourth straight day yesterday after benign U.S. wholesale price inflation data.
  • In regional cues, Asian currencies came under pressure on data, which showed China’s factory output in January-February period rose by 5.3%, the slowest pace since 2002.