Rupee Stays Up On Foreign Banks’ Dollar Sale As Risk-Off Sentiments Fade

Rupee Stays Up On Foreign Banks’ Dollar Sale As Risk-Off Sentiments Fade

15 May 2019 01:49 PM

Financial Market Overview

15th May, 2019

Afternoon Update 

Indian Rupee

  • The Indian rupee remained higher against the dollar in afternoon trade, as foreign banks stepped up greenback sales amid ease in global risk-off following U.S. President Donald Trump’s optimistic comments on U.S.-China trade.
  • The rupee changed hands at 70.25 to a dollar against its previous close of 70.4350. The local unit opened at 70.34 and hit an intraday high of 70.1850.

Indian Equities

  • Indian shares rose in thin trade on Wednesday, in line with broader Asian markets, led by IT firms, on hopes of a positive outcome from the ongoing U.S.-China trade.
  • The broader NSE index was up 0.01% at 11,223.20, while the benchmark BSE index was 0.03% higher at 37,330.06.

Global Markets

  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.91% while Hong Kong's Hang Seng is up 0.58% and Japan's Nikkei 225 is up 0.58%.
  • European markets are lower today with shares in France off the most. The CAC 40 is down 0.64% while Germany's DAX is off 0.50% and London's FTSE 100 is lower by 0.21%.
  • Brent crude climbed 1.5% yesterday to close at the highest since May 1, after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco. It was last trading 0.74% lower at $70.71 per barrel.
  • China’s industrial output grew at a slower pace of 5.4% in April from 8.5% in the prior month. Retail sales growth weakened to 7.2% from 8.7% and urban investment growth slowed to 6.1% from 6.3%.
  • The dollar index was trading flat at 97.45 after posting its best day in two weeks in the previous session.