Jun 14 2018

Rupee turned lower on banks Dollar demand; ECB meet in focus

Financial Market Overview

14th June, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee turned lower against the dollar in afternoon trade, as greenback demand from a large private bank along with foreign lenders erased early gains after a brief rally in dollar index reversed, even as the Federal Reserve signaled two more rate increases this year.
  • The rupee was last seen at 67.67 to a dollar, from 67.64 at previous close. It opened higher at 67.54, but fell to the day’s low of 67.7250. Most Asian currencies also traded little changed to lower against the greenback.

Indian Equities:-

  • The market continued to reel under selling pressure in afternoon as investors digested US Federal Reserve’s second interest rate hike of 2018 and await ECB policy decision due later in the day.
  • The Sensex is down 170.55 points at 35,568.61, and the Nifty fall down by  59.70 points at 10797.00.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.38%, while the Hang Seng led the Shanghai Composite lower. They fell 1.25% and 0.97% respectively.
  • European markets are lower today with shares in France off the most. The CAC 40 is down 0.79% while Germany’s DAX is off 0.61% and London’s FTSE 100 is lower by 0.44%.
  • The dollar index, measured against basket of six major currencies, was last trading down 0.3%, extending overnight losses of 0.1%, as investors also awaited outcome of monetary policy decision by the European Central Bank later today. The authority is expected to hold a discussion to end its massive asset-purchase program.