Rupee Stays Lower On Importers’ Dollar Bids

Rupee Stays Lower On Importers’ Dollar Bids

17 Sep 2019 01:33 PM

Financial Market Overview

 17th September, 2019

Afternoon Update 

Indian Rupee

  • The Indian rupee stayed lower against the dollar in afternoon trade on greenback demand from oil and other importers and weakness in regional currencies.
  • The rupee was trading at 71.79 to a dollar, against its previous close of 71.5925. The local unit opened at 71.82 and fell to day's low of 71.87.

Indian Equities

  • Indian shares edged lower for a second straight session on Tuesday on fears that a surge in crude prices following attacks on Saudi oil facilities could hurt the economy further.
  • The broader NSE index was down 0.85% at 10,909.70 while the benchmark BSE index was 0.88% lower at 36,795.40.

Global Markets

  • Asian markets finished mixed to lower today. Hong Kong's Hang Seng was down 1.42% and China's Shanghai Composite was down 1.74% while Japan's Nikkei was up 0.06%.
  • European markets are higher today with shares in France leading the region. The CAC 40 is up 0.11% while London's FTSE 100 is up 0.08% and Germany's DAX is up 0.04%.
  • Crude oil prices stayed elevated after the weekend attack on state-owned producer Saudi Aramco’s crude-processing facilities that raised concerns over global oil supply. Investors are now focusing on how quickly Saudi Arabia can restore its output following the attacks.
  • The benchmark Brent crude contract settled at a near-four month high of $69.02 per barrel, rising 14.6% yesterday. The contract was last down at $68.54 per barrel.
  • Most Asian currencies depreciated against the dollar, after the dollar index logged it best day in over two weeks yesterday. Dollar strength came amid investor preference for safe havens on account of tension in Middle East. The index rose 0.4% yesterday and was last trading little changed at 98.62.