Dec 05 2017

Rupee turns lower as banks step up Dollar purchases

Financial Market Overview

05th December, 2017

Noon Update:-                                                                                  

MARKETS AT Noon:-

Rupee:-

  • The Indian rupee fell against the dollar in afternoon trading, as greenback purchases by state-run and private lenders outweighed gains triggered by a broad weakness in the U.S. currency.
  • The rupee was last seen at 64.4050 to a dollar, against 64.37 at close yesterday. The currency had opened higher at 64.30, extending gains to 64.22 per dollar, its highest since Sep. 19, in early session. Most other Asian currencies also rose against the dollar.
  • Activity in India’s dominant services industry shrank in November as rising prices. November’s Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 48.5 – its lowest since August – from 51.7 in October, well below the 50 mark that separates expansion from contraction.

Indian Equities:-

  • Equity benchmarks recovered from day’s lows, with the Nifty reclaiming 10,100 level as Bank index turned positive.
  • The 30-share BSE Sensex was down 51.42 points at 32,818.30 and the 50-share NSE Nifty fell 9.70 points to 10,118.05.
  • About two shares declined for every share rising on the BSE.

Global Markets:-

  • Asian markets finished broadly lower today with shares in Hong Kong leading the region. The Hang Seng is down 1.01% while Japan’s Nikkei 225 is off 0.37% and China’s Shanghai Composite is lower by 0.18%.
  • European markets are higher today. The CAC40 is up 1.36% while the FTSE 100 gains 0.45% and the Germany’s DAX rose 0.07%