Rupee Turns Higher On Exporters’ Dollar Sales; RBI, Fed Eyed

Rupee Turns Higher On Exporters’ Dollar Sales; RBI, Fed Eyed

20 Mar 2019 01:53 PM

Financial Market Overview

20th March, 2019

Afternoon update

Indian Rupee

  • The Indian rupee erased early losses to trade higher against the dollar in thin afternoon trade, as state-run banks stepped up greenback sales on behalf of their exporter clients. However, an apparent intervention by the central bank and caution ahead of outcome of the Federal Reserve’s two-day meeting that ends today limited further gains in local unit.
  • The rupee changed hands at 68.90 to a dollar, against 68.9675 at the previous close. It opened at 69.05 and extended losses to 69.1650 per dollar, before rebounding to the day’s high of 68.73.

Indian Equities

  • Indian shares were largely unchanged on Wednesday as investors looked for further cues before taking bets.
  • The broader NSE index lost 0.1% to 11,520.95. The benchmark BSE index was 0.06% higher at 38,386.07.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.20%, while the Hang Seng led the Shanghai Composite lower. They fell 0.38% and 0.01% respectively.
  • European markets are lower today. The FTSE 100 is down 0.32% and Germany's DAX is down 0.72% while France's CAC 40 is down 0.24%.
  • The benchmark Brent crude oil prices were last trading 0.12% higher at $67.69 per barrel, after climbing 0.1% overnight, supported by supply cut by major oil exporters.
  • The dollar index was trading 0.1% higher at 96.50 ahead of the outcome. The Fed is expected to cut its interest rate projections for the current year to one from December meeting’s two and formally announce that they intend to halt the balance sheet runoff.

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