Nov 27 2017

Rupee turned higher on banks Dollar sales

Financial Market Overview

27th November, 2017

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee was trading higher against the dollar in afternoon trade, as state-run banks’ greenback sales offset importers’ demand and impact of weak shares following S&P’s status quo on the country’s credit rating against expectations of an upgrade.
  • The rupee was trading at 64.6275 to a dollar against 64.70 at close in the previous session. The local currency opened little changed at 64.71 to dollar and had hit an intraday low and high of 64.82 and 64.61 respectively. Most Asian currencies were trading flat to lower against the dollar.

Indian Equities:-

  • Equity benchmarks were off day’s low in afternoon due to recovery in index heavyweight Reliance Industries.
  • The 30-share BSE Sensex was down 60.61 points at 33,618.63 and the 50-share NSE Nifty declined 26.40 points to 10,363.30.
  • About 1,452 shares advanced against 1,089 declining shares on the BSE.

Global Markets:-

  • Asian markets finished lower today with shares in China leading the region. The Shanghai Composite is down 0.94% while Hong Kong’s Hang Seng is off 0.60% and Japan’s Nikkei 225 is lower by 0.24%.
  • European markets are lower today with shares in France off the most. The CAC 40 is down 0.44% while Germany’s DAX is off 0.40% and London’s FTSE 100 is lower by 0.07%.
  • The dollar index, which measures the greenback against a basket of six major rivals, fell 0.47% on Nov. 24, as better-than-expected German business confidence and easing of some concerns about political uncertainty in the country lifted the euro.
  • The single currency rose 0.68% on Friday, after German business confidence index compiled by Ifo economic institute rose to 117.5 in November from an upwardly revised 116.8 in October, beating a forecast of 116.6. A business expectation reading surged to 111.0 from 109.2. The Munich-based institute projected Germany’s economy to grow at 0.7% in the final quarter of this year, after 0.8% in the July-September period.