Rupee turned higher on corporate Dollar sales

Rupee turned higher on corporate Dollar sales

24 Apr 2018 02:55 PM
Myforexeye Research Report

Financial Market Overview

24th April, 2018

Noon Update:-                                                                                  



  • Indian rupee is trading higher against the dollar in afternoon trade and was headed for its first gain in seven sessions, as banks sold the greenback on behalf of a large corporate entity. However, persistent surge in crude oil prices and overnight greenback strength from a sustained rally in U.S. Treasury yields limited further gains.
  • The rupee changed was last seen at 66.35 to a dollar, from 66.48 at previous close. The currency, which slipped nearly 2% in last six sessions against the dollar, reached the day’s high of 66.29. Most Asian currencies were trading mixed against the greenback.

Indian Equities:-

  • Benchmark indices regained strength in afternoon despite consistent rise in crude oil prices, backed by index heavyweights Reliance Industries (up 2.4 percent), HDFC (1.5 percent) and ICICI Bank (1.7 percent).
  • The 30-share BSE Sensex was up 90.54 points at 34,541.31 and the 50-share NSE Nifty gained 6.30 points at 10,591.00.

Global Markets:-

  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.45% while London's FTSE 100 is up 0.30% and France's CAC 40 is up 0.02%.
  • Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.99% while Hong Kong's Hang Seng is up 1.26% and Japan's Nikkei 225 is up 0.86%.
  • German IFO came in below expectations for the current month, showing Business Expectations, Current Assessment and Business Climate all missing initial forecasts at 98.7, 105.7 and 102.1, respectively.
  • The dollar index, which measures the greenback against a basket of six major rivals, rose 0.7% overnight to its highest level since mid-January, supported by gains in U.S. Treasury yields with the 10-year rising to within less than a basis point of 3%. The index was last trading flat.
  • Crude oil prices were trading higher for the sixth consecutive session. The Brent crude oil contract was last up 0.6% at $75.21 per barrel, a level last seen in November 2014, and against $74.71 at previous close.

Date : Apr-2018