Mar 07 2018

Rupee steady as banks Dollar sales offsets weak equities

Financial Market Overview

07th March, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee was little changed against the dollar in afternoon trade, as greenback sales by state-run lenders amid broad weakness in the U.S. currency offset losses triggered by weak local and regional shares on renewed concerns over trade war.
  • The rupee was last seen at 64.97 to a dollar, against 64.96 at the previous close. The currency rose to day’s high of 64.87, its highest since Feb. 27, before falling to intraday low of 65.00. Most Asian currencies, except the Chinese Yuan, advanced against the dollar.

Indian Equities:-

  • Benchmark indices remained under pressure in afternoon as the Sensex fell 177.80 points to 33,139.40, weighed largely by banks and oil stocks.
  • The Nifty continued to trade below the 10,200 levels, falling 62.40 points to 10,186.85.

Global Markets:-

  • European markets are lower today with shares in Germany off the most. The DAX is down 0.34% while France’s CAC 40 is off 0.25% and London’s FTSE 100 is lower by 0.13%.
  • Asian markets finished broadly lower today with shares in Hong Kong leading the region. The Hang Seng is down 1.03% while Japan’s Nikkei 225 is off 0.77% and China’s Shanghai Composite is lower by 0.55%.
  • Japan’s index of coincident economic indicators fell in January by the most since the devastating earthquake and nuclear disaster in March 2011 due to weak shipments of cars and smart phone parts. The coincident index, which includes industrial output, shipments of capital goods, shipments of durable consumer goods, and working hours, was 114.0 in January, down 5.7 points from the previous month, Cabinet Office data showed on Wednesday.