Rupee Steady As Higher Oil Offsets Exporters’ Dollar Sales

Rupee Steady As Higher Oil Offsets Exporters’ Dollar Sales

22 Oct 2018 01:38 PM
Myforexeye Research Report

Financial Market Overview

22nd October, 2018

Noon update

Indian Rupee:-

  • The Indian rupee came off the day’s high to trade little changed against the dollar in afternoon session, as crude importers’ greenback buys amid uptick in oil prices offset early gains from exporters’ dollar sales.
  • The rupee changed hands at 73.30 to a dollar, against 73.32 at close on Oct. 19. The currency opened little changed and traded in a 20-paisa band so far today in choppy trade.

Indian Equities:-

  • Indian shares retreated from early gains to rise marginally on Monday, tracking upbeat mood in global markets, even as macro concerns continued to weigh on domestic investors.
  • The broader NSE index was up 0.22% at 10,326.55, after rising 1% in the first few minutes of trade. The benchmark BSE index was 0.26% higher at 34,404.66.
  • Indian markets have been battered by a series of issues, including higher crude prices, depreciating rupee and recent defaults at a major non-banking financial company. Liquidity has also been facing a crunch, adding to woes.

Global Markets:-

  • Asian shares are trading higher today. The Hang Seng gains 2.26% and Shanghai Composite is up 4.09%.
  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.75% while France's CAC 40 is up 0.53% and London's FTSE 100 is up 0.23%.
  • Crude oil prices edged up on looming supply concerns ahead of U.S. sanctions on Iran's crude exports coming into effect from Nov. 4. The benchmark Brent crude oil contract rose 0.51% at $80.19 per barrel, from a multi-year high of $86.74 at the beginning of this month.
  • China could cut taxes next year worth more than 1% of its gross domestic product. The Chinese government on Oct. 20 published a draft version of new rules for tax deductions available to individuals as part of a major overhaul of the country's individual income tax law.
  • The dollar index was last trading down 0.3%, extending previous session’s decline of 0.2%.
  • The euro gained against the greenback, rising 0.3% at $1.1540. Markets awaited new developments on the Italy’s budget which has until today to explain to the Commission its breach of rules front.
  • The uncertainty around Brexit continued that kept participants jittery. Pound sterling was little changed.





Date : 22-Oct-2018

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