Rupee Stays Up On Positive Asian Cues; Essar Verdict Aids

Rupee Stays Up On Positive Asian Cues; Essar Verdict Aids

15 Nov 2019 01:56 PM

Financial Market Overview

Indian Rupee

  • The Indian rupee stayed higher against the dollar in afternoon session tracking positive Asian cues, while expected inflows from ArcelorMittal's bid to acquire Essar Steel also aided sentiment.
  • The rupee was trading at 71.75 to a dollar against its previous close of 71.97. The local unit opened at 71.80, and rose to the day’s high of 71.68 earlier.

Indian Equities

  • Indian shares rose in early trade on Friday, tracking gains in broader Asia as risk appetite was whetted by comment from a senior U.S. official that the United States and China are getting close to an interim trade pact.
  • The NSE Nifty 50 index was up 0.53% at 11,935.15, while S&P BSE Sensex was 0.56% higher at 40,511.59.

Global Markets

  • Asian markets finished mixed today with shares in Japan leading the region. Japan's Nikkei 225 was up 0.70% and Hang Seng is down 0.03% and China's Shanghai Composite is lower by 0.64%.
  • European markets are higher today. London's FTSE 100 is up 0.48% while France's CAC 40 is higher by 0.64%.
  • Crude oil prices rose after the Organization of the Petroleum Exporting Countries said yesterday that it expected demand for its oil to fall in 2020. Gains were also aided by hopes of a trade deal between the U.S. and China. The benchmark Brent crude contract was up 0.32% at $62.48 per barrel.
  • Most Asian currencies were higher against the dollar, amid fresh hopes of a breakthrough in the trade deal between the United States and China.
  • The Chinese yuan was up 0.1% at 7.0103 against the dollar, but is set for its first weekly loss in six.