Financial Market Overview
28th September, 2018
- The Indian rupee stayed little changed against the dollar in afternoon trade, as recovery in local shares helped offset losses tracking an overnight gain in the dollar index after upbeat U.S. data.
- The rupee was trading at 72.56 to a dollar against 72.59 at previous close. It opened at the day’s high of 72.49, tracking strength in most Asian currencies and shares before dropping to as low as 72.66 so far.
- Swinging between gains and losses, India’s benchmark BSE Sensex was last trading higher in the afternoon session.
- The broader NSE index was little changed at 10977.20, while the benchmark BSE index was trading higher by 0.13% at 36372.65.
- Asian markets finished higher as of the most recent closing prices. Shanghai Composite was higher by 1.06% and Hang Seng gained 0.02%.
- European markets are lower today with shares in London off the most. The FTSE 100 is down 1.16% while France’s CAC 40 is off 0.60% and German DAX is lower by 0.78%.
- The dollar index was last trading at 94.89, hovering near its more-than-two-week high. It rose 0.7% yesterday to post the largest single-session gain in seven weeks against a basket of six major currencies, as August durable goods orders data and jobless claims were better than expected.
- The U.S. Commerce Department, in its third estimate of the April-June quarter growth, said gross domestic product increased at an annualized rate of 4.2%, the fastest pace in nearly four years.
- The benchmark Brent crude oil prices traded little changed, amid reports citing sources familiar with OPEC policy that Saudi Arabia and other producers discussed a possible production increase of about 500,000 barrels a day among the OPEC and non-OPEC allies to offset a drop in Iranian production. The contract rose as high as $82.44 per barrel and was last trading flat at $81.82.