Forex
Jan 08 2018

Rupee trading higher on weak US jobs data

Financial Market Overview

08th January, 2018

Morning Coffee:-                                                                                  

MARKETS AT OPEN:-

Rupee:-

  • Indian rupee is trading higher against the dollar in early session, as lower-than-expected U.S. employment numbers weighed on the demand for the greenback. Pair USDINR now at 63.25, against 63.3650 previous close.
  • India’s economy is estimated to grow at the slowest pace in four years at 6.5% in the current fiscal year, against 7.1% annual expansion in the previous financial year, according to the First Advance Estimates from the federal Ministry of Statistics & Programme Implementation on Jan. 5.
  • Pair to tip in range between 63.20-63.40 today.

Indian Equities:-

  • The market started off second week of the new year at record high levels on Monday as the Nifty crossed 10,600-mark for the first time, tracking positive lead from global peers.
  • The 30-share BSE Sensex was up 163.36 points at 34,317.21 and the 50-share NSE Nifty rose 46.90 points to 10,605.80.
  • About 1,255 shares advanced against 273 declining shares on the BSE. Sun Pharma, Yes Bank, GAIL, L&T, Infosys, Lupin, HPCL and BPCL were early gainers, rising 1-2 percent while Bharti Airtel fell nearly 4 percent.

Global Markets:-

  • Asian markets are higher today . The Shanghai composite is up 0.35% . The Hang Seng rose 0.03% and ASX200 is trading higher  by 0.12%.
  • S. stocks closed higher on Friday. The Dow Jones Industrial Average last rose 220.74 points, or 0.88 percent, to 25,295.87, the S&P 500 gained 19.16 points, or 0.70 percent, to 2,743.15 and the Nasdaq Composite added 58.64 points, or 0.83 percent, to 7,136.56.
  • European markets finished broadly higher on Friday with shares in Germany leading the region. The DAX is up 1.15% while France’s CAC 40 is up 1.05% and London’s FTSE 100 is up 0.37%.
  • The dollar index, which measures the greenback against a basket of six major rivals, came off day’s high, dropping nearly 0.2% before ending up 0.1% on Jan. 5, after weaker-than-expected U.S. December non-farm payrolls report.
  • S. employers added 148,000 jobs in December, significantly lower than economists’ expectation of 190,000 job increases as polled . November data were revised to show 9,000 fewer jobs created than previously reported. The unemployment rate was unchanged at a 17-year low of 4.1%.
  • However, rise in wage growth kept expectation of rate hikes by the Federal Reserve alive, supporting the dollar. Average hourly earnings rose 0.3% in December after gaining 0.1% in the prior month, lifting the annual increase in wages to 2.5% from 2.4% in November.