Feb 18 2019

Rupee stays lower tracking decline in domestic equities

Financial Market Overview

18th February, 2019

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee continued to trade lower against the dollar in afternoon trade, on demand for the U.S. currency amid a further decline in domestic equities.
  • The rupee was last seen at 71.45, against its previous close of 71.22. The currency opened at 71.31 and continued to remain under pressure amid dollar demand from foreign banks and importers.

Indian Equities:-

  • Indian shares declined on Monday, dragged by market heavyweights, while Yes Bank continued to reel under pressure from the central bank.
  • The broader NSE index fell 0.48% to 10,673.40, while the benchmark BSE index lost 0.52% at 35,621.33.

Global Markets:-

  • Asian markets closed sharply higher on Friday with shares in China leading the region. The Shanghai Composite is up 2.68% while Japan’s Nikkei 225 is up 1.82% and Hong Kong’s Hang Seng is up 1.57%.
  • European markets are mixed today. The CAC 40 is up 0.16% while the DAX gains 0.06%. The FTSE 100 is off 0.10%.
  • U.S. and China trade talks boosted U.S. equities by 1% on Friday and Asian equities followed suit today. Following talks in Beijing last week, both countries reported progress and are scheduled for more talks this week. U.S. President Donald Trump, speaking at a White House news conference, said the United States was closer than ever before to “having a real trade deal” with China.
  • Most Asian currencies strengthened against the dollar on Monday on renewed hopes of progress in U.S.-China trade talks. The Indonesian rupiah led regional gainers on the day, followed by the South Korean won and China’s yuan. The Thai baht rose 0.2 percent after its economy grew at its best pace in six years in 2018.
  • The Brent crude oil contract edged 0.6% higher to $66.64 per barrel, adding to Friday’s 2.6% rally.