Rupee Stays Lower In Thin Trade On Importers’ Dollar Bids

Rupee Stays Lower In Thin Trade On Importers’ Dollar Bids

16 Apr 2019   2:15 PM
 

Financial Market Overview

 16thApril, 2019

 Afternoon Update

 Indian Rupee

  •  The Indian rupee remained lower against the dollar in thin afternoon trade, dragged by mid-month dollar demand from oil and other importers.
  • The rupee changed hands at 69.60 to a dollar against 69.42 at the previous close. The local unit opened lower at 69.49 and extended losses to 69.63, its lowest since Apr. 9.

Indian Equities

  • The broader NSE index was up 0.78 percent at 11,781.9 and the benchmark BSE index was 0.90 percent higher at 39,255.07. Both indexes were headed for their four straight sessions of gains.
  • The benchmark indices might have reclaimed their April highs but there was plenty of action among select stocks.

Global Markets

  • Shares in Hong Kong are higher today as the Hang Seng gains 0.93%. The stock markets in Tokyo and Shanghai are closed at this time.
  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.56% while London's FTSE 100 is up 0.31% and France's CAC 40 is up 0.20%.
  • Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.Brent crude oil futures were at $71 a barrel down 18 cents, or 0.25 percent, from their last close. Brent ended down 0.5 percent on Monday.
  • The dollar index slipped 0.2% overnight and was last trading little changed, as investors focus on global economic growth. Participants will also watch for trade talks between the U.S. and Japan, while concerns over U.S.-China trade tensions eased.
  • Major currencies remained confined to well-trodden ranges on Tuesday, as markets look next to European and Chinese data for more evidence that the worst may be over for the global economy.
  • New-home price growth in China snapped a four-month weakening streak, one of the first official signs there may be a widespread recovery in the nation’s housing market.