Mar 19 2018

Rupee stays lower on foreign banks Dollar bids

Financial Market Overview

19th March, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee remained lower against the dollar in afternoon trade, as foreign banks stepped up greenback purchases likely on behalf of their custodian clients, amid caution ahead of Federal Reserve’s monetary policy meeting that starts tomorrow.
  • The rupee was last seen at 65.08 to a dollar, against 64.93 at the previous close. It opened at 65.07, the lowest since Mar. 9. Most Asian currencies were trading little changed to lower against the greenback.

Indian Equities:-

  • Benchmark indices continued to reel under selling pressure, with the Nifty breaching 10,100 levels for the first time since December 7, 2017.
  • All sectoral indices traded in the red. Metal and PSU bank indices fell the most, losing around 3 percent each.
  • The 30-share BSE Sensex was down 261.78 points at 32,914.22 and the 50-share NSE Nifty declined 95.95 points to 10,099.20.

Global Markets:-

  • European markets are lower today with shares in London off the most. The FTSE 100 is down 0.68% while France’s CAC 40 is off 0.40% and Germany’s DAX is lower by 0.38%.
  • Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.29% and the Hang Seng rose 0.04%. The Nikkei 225 lost 0.90%.
  • The dollar index, which measures the greenback against a basket of six major currencies, rose to a more-than-two-weeks high on Mar. 16, ending up 0.1%, supported by strength in February U.S. industrial production data. Meanwhile, a survey by the University of Michigan on consumer sentiments showed a rise of 102.0 for March against consensus forecast of 99.3, and against 99.7 in February. It was last trading up 0.08%.
  • Separately, U.S. housing starts fell 7% to a seasonally adjusted annual rate of 1.236 million units, data from the commerce department said. Economists’ polled by Reuters had expected a fall of 1.290 million-unit rate.