Rupee tumbles to 3-week low as Chinese Yuan extend its losses

Rupee tumbles to 3-week low as Chinese Yuan extend its losses

19 Jul 2018 03:13 PM
Myforexeye Research Report

Financial Market Overview

19th July, 2018

Noon Update:-                                                                                  



  • Rupee tumbles to three-week low after offshore yuan extends decline and on greenback demand from oil and other importers tracking an overnight rise in crude oil prices.
  • The rupee was last seen at 69.05 to a dollar, its lowest since Jun. 28, and against 68.62 at previous close. Most other Asian currencies were trading flat to lower against the greenback, with the yuan leading the losses amid ongoing trade tussle between the U.S. and China

Indian Equities:-

  • Rangebound trades have continued on the market, with the Nifty continuing to hover below 10,950.
  • The Sensex is down 41.34 points or 0.11% at 36332.10, while the Nifty fells 31.35 points or 0.04% at 10949.10

Global Markets:-

  • Asian markets finished lower today with shares in China leading the region. The Shanghai Composite is down 0.51% while Hong Kong's Hang Seng is off 0.38%.
  • European markets are mixed. The FTSE 100 is higher by 0.04%, while the CAC 40 is leading the DAX lower. They are down 0.43% and 0.38% respectively.
  • UK retail sales fell 0.5% in June, the Office for National Statistics said on Thursday.
  • This was compared to a 1.4% increase in the previous month which was revised up from an initial 1.3% advance. Economists had forecast a gain of 0.1%.
    Offshore yuan falls to 6.7928 against dollar to new one-year low; last trading at 6.7910, down 0.7% from previous close. Yuan now down over 2% this month, worst performing major Asian currency. Singapore dollar, Indonesian rupiah pace losses in other regional currencies.
  • The dollar index, measured against a basket of currencies, rose for a second consecutive session overnight, closing at its highest level since Jun. 28. It was last trading up 0.2% at 95.31.

Date : Jul-2018

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