Financial Market Overview
11th December, 2018
- The Indian rupee came off the day’s low against the dollar in afternoon trade, as banks stepped up greenback sales after likely intervention by the central bank to trim losses following a sudden resignation by the RBI governor.
- The rupee was trading at 71.77 to a dollar, against 71.34 at previous close. The currency opened 1.6% lower at 72.46, lowest level since Nov. 13 and rose to a high of 71.6850.
- Indian shares erased early losses to trade higher after falling in the morning session following yesterday’s surprise resignation of central bank head Urjit Patel, who cited personal reasons. Investors awaited outcome of a clear trend from counting of assembly elections held in five states, currently underway.
- The broader NSE index was trading 0.51% higher at 10,541.90 while the benchmark BSE index was 0.45% higher at 35,118.55.
- Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.37% and the Hang Seng rose 0.07%. The Nikkei 225 lost 0.34%.
- European markets are trading higher today. The DAX was up 0.88% while the FTSE 100 gained 0.60%. The CAC 40 was up 0.84% and IBEX35 gained 0.62%.
- The benchmark Brent crude oil prices fell 2.8% in overnight trade, erasing gains led after oil exporting group OPEC and its allies decided to cut output by 1.2 million bpd. It was last trading at $59.66 per barrel.
- The dollar index was trading 0.2% lower. It rose 0.7% yesterday, yesterday on the back of losses on the pound.
- The UK pound tumbled after Prime Minister Theresa May postponed a Parliament vote on her Brexit deal.