Rupee stays lower on corporate bids and elevated oil prices

Rupee stays lower on corporate bids and elevated oil prices

07 May 2018 02:57 PM
Myforexeye Research Report

Financial Market Overview

07th May, 2018

Noon Update:-                                                                                  



  • Indian rupee fell to a 15-month low against the dollar in afternoon session, weighed by greenback buys from corporates including a large engineering and construction conglomerate, and elevated crude oil prices.
  • The rupee was last seen at 67.13 to a dollar, against 66.86 at previous close. It opened higher and briefly hit an intraday high of 66.78 tracking a weak dollar index, after U.S. job additions and average hourly earnings missed estimates. Since then rupee has declined to as much as 67.16, lowest since Feb. 8, 2017.

Indian Equities:-

  • Equities have extended their gains, with the Nifty trading comfortably above 10,650-mark. Strong gains are seen among financial stocks on the back of softening bond yields.
  • The broader NSE index was up 0.72 percent at 10,694.45, while the benchmark BSE index was 0.69 percent higher at 35,154.56.

Global Markets:-

  • European markets are mixed today . The CAC 40 is down 0.02% while the DAX is up 0.31%. The British FTSE 100 is closed.
  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 1.48% and the Hang Seng rose 0.23%. The Nikkei 225 lost 0.03%.
  • The dollar index, which measures the greenback against a basket of six major rivals, rose 0.2% overnight, despite data on Apr. 4 that showed the U.S. economy added 164,000 jobs last month, less than the 192,000 forecast by economists poll. This was the second consecutive month where the headline job numbers missed estimates.  More importantly, average hourly earnings, a closely watched measure for gauging inflation pressures and direction of U.S. short-term interest rates, rose by less than 0.1% on-month, falling short of the 0.2% pace predicted. Meanwhile, the unemployment rate dropped to a multiyear low of 3.9%, though that was partly on account of people leaving the labor force. The index was last trading 0.1% lower.

Date : May-2018