Jul 10 2018

Rupee stays lower on Dollar demand by Oil and other importers

Financial Market Overview

10th July, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee stays lower against the dollar in afternoon trade, dragged down by Dollar demand from oil and other importers amid higher crude oil prices.
  • The rupee was last seen at 68.80 to a dollar, against 68.72 at previous close. It opened flat at 68.72 and extended losses to 68.8325. Most Asian currencies were flat to lower against the greenback.

Indian Equities:-

  • Equity benchmarks were trading higher in the afternoon session, with the Sensex sticked  to  above its 200-point gain, while the Nifty was hovering above 10,900-mark.
  • The Sensex gains 232.96 points or 0.65% at 36167.68, while the Nifty advances 70.05 points or 0.65% at 10922.95.

Global Markets:-

  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai composite gained 0.44% and the Hong Kong’s Hang Seng closed up by 0.17%
  • European markets are higher today with shares in France leading the region. The CAC 40 is up 0.17% while London’s FTSE 100 is up 0.09% and Germany’s DAX is up 0.07%.
  • Brent crude oil price was last trading 0.8% higher at $78.68 per barrel, adding to overnight gains of over 1%, as concerns of shortage in supply intensified amid likely disruption as hundreds of oil workers in Norwegian oil and gas offshore rigs were set to go on a strike today, after rejecting a proposed wage deal.
  • The dollar index came off its near one-month lows and was last trading up 0.05% at 94.12, tracking a decline in euro and British pound following the resignation of U.K. Foreign Secretary Boris Johnson over Brexit policies. His move follows the exit of Brexit Secretary David Davis’s resignation on Sunday night.