Jul 02 2018

Rupee turned lower tracking weak Asian cues

Financial Market Overview

02nd July, 2018

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • Indian rupee slipped against the dollar in afternoon trade, heading closer to record lows hit last week, tracking weakness in most Asian currencies led by China amid weak regional and local shares.
  • The rupee was last seen at 68.72 to a dollar, from 68.47 at previous close. It opened at 68.48 and rose to the day’s high of 68.33, before falling to 68.73. The local unit had hit a record-low on Jun. 28, falling below 69-levels for the first time ever.

Indian Equities:-

  • The market is off its day’s low in the afternoon amid selling pressure in global peers on German politics and trade tensions.
  • The 30-share BSE Sensex fell 230.01 points to 35,193.47 and the 50-share NSE Nifty declined 83.65 points to 10,630.65.

Global Markets:-

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.61%, while the Shanghai Composite led the Nikkei 225 lower. They fell 2.52% and 2.21% respectively.
  • European markets are broadly lower today with shares in France leading the region. The CAC 40 is down 1.05%,  London’s FTSE 100 is off 0.82% and Germany’s DAX is lower by 0.64%.
  • The Chinese yuan added to last week’s 1.8% decline, falling over half-a-percent on Monday. Data released over the weekend showed China’s official Purchasing Managers’ Index eased to 51.5 in June, from 51.9 in previous month. A private Caixin manufacturing PMI, released earlier today, came in at 51, down from 51.1 in May.
  • The dollar index, measured against a basket of currencies, was trading up 0.2%, after slipping as much as 0.8% in the previous session.
  • The euro gained over a percent against the greenback on Jun. 29 but was last trading down 0.45%, amid rising tensions on the migration policy after German Chancellor Angela Merkel’s interior minister, Horst Seehofer, who has called for tougher border controls, offered to quit.