Rupee Steady as Sino-U.S. Trade Woes Offset Fall in Dollar Index

Rupee Steady as Sino-U.S. Trade Woes Offset Fall in Dollar Index

18 Jul 2019 01:51 PM
 

Financial Market Overview

18th July, 2019

Afternoon Update

Indian Rupee

  • The Indian rupee was trading little changed against the dollar in afternoon session, as renewed trade tensions between the U.S. and China offset the impact of broad weakness in the dollar index.
  • The rupee changed hands at 68.85 to a dollar against 68.81 at previous close. The local unit opened at 68.76 and fell to a low of 68.8825 till now, before recouping some of its losses.

Indian Equities

  • Indian equities were trading lower on Thursday, with its peers also under pressure after Wall Street stocks dropped on signs that the U.S.-China trade war could hurt corporate earnings.
  • The broader NSE index was down 0.3% at 11,653.00, while the benchmark BSE index was 0.26% lower at 39,113.62.

Global Markets

  • Asian shares finished mixed as of the most recent closing time. The Hang Seng lost 0.60% while the Shanghai Composite lost 1.04% and Nikkei lost 1.97%.
  • European markets are lower today with shares in Germany off the most. The DAX is down 0.86% while France's CAC 40 is off 0.42% and London's FTSE 100 is lower by 0.40%.
  • The crude oil prices fell yesterday after U.S. government data showed large buildup of stockpiles. The benchmark Brent crude contract fell 1.1% yesterday. It was last trading 0.06% at $63.70 per barrel.
  • The International Monetary Fund said yesterday that the dollar was overvalued by 6% to 12%, based on near-term economic fundamentals, while the euro, Japanese yen and Chinese yuan were seen as broadly in line with fundamentals.
  • The 10-year Treasury yield was at one-week low of 2.04% amid weak U.S. housing market data released yesterday, which showed new-home construction decreased 0.9% and building permits fell 6.1%.

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