Rupee Steady As Investors Remain Cautious Ahead Of Fed Policy Meeting

Rupee Steady As Investors Remain Cautious Ahead Of Fed Policy Meeting

29 Jan 2019 02:00 PM

Financial Market Overview

29th January, 2019

Noon update

Indian Rupee:-

  • The Indian rupee was steady against the dollar as investors remained on the sidelines ahead of the Federal Reserve’s two-day monetary policy meeting that starts today and interim budget at home later this week.
  • The rupee changed hands at 71.12 to a dollar, against 71.10 at the previous close. The currency opened at 71.14 and had extended losses to 71.21 per dollar, before rebounding to 71.07.

 Indian Equities:-

  • Indian shares dropped on Monday, dented by financials such as ICICI Bank Ltd and State Bank of India as the IL&FS exposure still weighed, but losses were curbed by gains in Zee Entertainment Enterprises Ltd.
  • The broader NSE index was down 0.53% at 10,604.60, while the benchmark BSE index was down 0.60% to 35,441.78.

 Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.08%, while the Hang Seng led the Shanghai Composite lower. They fell 0.26% and 0.10% respectively.
  • European markets are also mixed today. The CAC 40 is down 0.03%, London's FTSE 100 is up 0.51% and Germany's DAX is down 0.24% while Spain's IBEX35 is up 0.05%.
  • The Brent crude oil dropped by almost 3% yesterday to close below $60 per barrel for the first time in two weeks. The selloff came amid an increase in U.S. crude drilling, which pointed to further increase in supplies at a time when there are worries of an economic slowdown. It was last trading 0.03% higher at $59.91 per barrel.
  • The dollar index was last trading steady at 95.72, swinging between gains and losses, as traders await outcome of the two-day policy meeting of the Federal Reserve that starts today.
  • Investors also remain cautious ahead of trade talks between the U.S. and China. Participants will be hoping that the two economies can find a way to resolve their long-standing trade dispute. The negotiations will be complicated amid reports yesterday that the U.S. had filed criminal charges against Chinese technology major Huawei.






Date : 29-Jan-2019

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