Rupee Stays Up On Foreign Banks’ Dollar Sales, Strong Shares

Rupee Stays Up On Foreign Banks’ Dollar Sales, Strong Shares

24 May 2019 01:52 PM

Financial Market Overview 

24th May, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee remained higher against the dollar in afternoon trade, as foreign banks stepped up greenback sales for likely inflows into local assets after Prime Minister Narendra Modi-led ruling alliance swept national elections for a second time.
  • The rupee changed hands at 69.65 to a dollar, against 70.01 at the previous close. The local unit opened at 69.75, before rising to day’s high of 69.59.

Indian Equities

  • Indian shares jumped on Friday, as the euphoria surrounding Prime Minister Narendra Modi's landslide victory in the general election drove the bull run, with financials leading gains.
  • The broader NSE index was up 1.35% at 11,811.45, while the benchmark BSE index was 1.32% higher at 39,323.31.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.34% and the Shanghai Composite rose 0.02%. The Nikkei 225 lost 0.16%.
  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.69% while France's CAC 40 is up 0.58% and London's FTSE 100 is up 0.56%.
  • The dollar index was trading flat, coming off two-year high hit in overnight trade, while the 10-year U.S. Treasury yields slumped 10 basis points yesterday, slipping below 2.30%, its lowest since mid-October 2017. It was last trading at 2.3185%.
  • The benchmark Brent crude oil contract recovered from over two months low hit yesterday, as supply cuts and tensions in Middle East drove price higher. The contract fell 4.6% to end at $67.76 per barrel yesterday but was last trading 0.97% higher at $68.42.

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