Apr 04 2018

Rupee turned lower on importers Dollar demand

Financial Market Overview

04th April, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee turned lower against the dollar in afternoon trade, as importers’ dollar demand offset early gains from weak greenback outlook amid renewed concerns of a trade war between the U.S. and China, the world’s biggest two economies.
  • The rupee was last seen at 65.06 to a dollar, against 65.01 at close yesterday. It rose to as much as 64.90 intraday, also the highest since Mar. 28, before paring most gains. Most Asian currencies were trading mixed against the greenback.

Indian Equities:-

  • Benchmark indices fell sharply in afternoon after China unveiled new retaliation plan for US tariffs.
  • The 30-share BSE Sensex was down 286.53 points at 33,084.10 and the 50-share NSE Nifty fell 92.60 points to 10,152.40.

Global Markets:-

  • European markets are lower today with shares in Germany off the most. The DAX is down 0.97% while London’s FTSE 100 is off 0.38% and France’s CAC 40 is lower by 0.04%.
  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.13%, while the Hang Seng led the Shanghai Composite lower. They fell 1.86% and 0.18% respectively.
  • The dollar fell to the day’s lows against a basket of the other major currencies on Wednesday after China announced a fresh wave of tariffs on U.S. imports, in retaliation to the U.S. tariffs released late Tuesday. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.26% to 89.61.
  • China’s commerce ministry announced Wednesday reciprocal 25% tariffs on $50 billion of U.S. goods, including autos and chemicals and said the effective date for the new tariffs would be announced at a later time.
  • Traders now await U.S. March ADP National Employment due later today for further cues. U.S. non-farm payrolls data ahead in the week and comments by Fed Chairman Jerome Powell towards end of the week should also help determine the immediate trend in the greenback.