Rupee Turns Higher On Foreign Banks’ Dollar Sales

Rupee Turns Higher On Foreign Banks’ Dollar Sales

11 Sep 2019 01:42 PM

Financial Market Overview

 11th September, 2019 

Afternoon Update

 Indian Rupee

  • The Indian rupee turned higher against the dollar in afternoon trade, as foreign banks stepped up greenback sales that erased early losses tracking weak Asian currencies.
  • The rupee was trading at 71.65 to a dollar against its previous close of 71.70. The currency opened lower at 71.84 and fell to day's low of 71.85, before rising to day's high of 71.62.

Indian Equities

  • Indian shares rose on Wednesday, ahead of key inflation data release, while gains in broader Asia amid easing Sino-U.S. tensions also buoyed trading sentiment.
  • The broader NSE index rose 0.24% at 11,029.75, while the benchmark BSE index was up 0.32% at 37,265.46.

Global Markets

  • Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 1.62% and the Nikkei 225 rose 0.96%. The Shanghai Composite lost 0.41%.
  • European markets are higher today with shares in Germany leading the region. The DAX is up 0.68% while London's FTSE 100 is up 0.57% and France's CAC 40 is up 0.43%.
  • The benchmark Brent crude oil contract was last trading 0.87% higher at $62.92 per barrel after an industry report showed that crude stockpiles in the U.S. fell last week by more than twice the amount that analysts had forecast.
  • Regional risk appetite remained firm on hopes of a de-escalation in Sino-U.S. trade war. Last week’s announcement of U.S.-China trade talks in October, and the British parliament’s move to prevent Prime Minister Boris Johnson from crashing the UK out of the European Union without a deal aided risk appetite.