The Indian rupee closed at fresh record low of 70.59

The Indian rupee closed at fresh record low of 70.59

29 Aug 2018 06:51 PM
Myforexeye Research Report

Financial Market Overview

29nd August, 2018


  • The Indian rupee closed at fresh record low of 70.59, versus 70.11 yesterday, tracking losses in most Asian currencies amid rebound in the greenback and local importers’ demand to settle month-end payments.Rise in crude oil prices due to withholding of supply by Iran as well as a depreciating rupee too added to the negative sentiment.
  • Indians returned almost the entire amount of currency withdrawn in the government's note ban of November 2016, raising fresh questions over the purpose of a shock move that triggered a sharp slowdown in the economy.

Indian Equities:-

  • A sharp selloff in the last hour of trade weighed on equity benchmarks on Wednesday, with the Nifty giving up 11,700-mark. Weakness among giant index names such as Reliance Industries, HDFC Bank, and Infosys, among others, dragged the market lower as well.
  • Banks had a negative impact on the market, along with energy stocks, infra, IT and pharmaceutical names. However, PSU banks and metals tried to offset the losses, but bulls had the tide in their favour.At the close of market hours, the Sensex closed 173.70 points or 0.45% lower at 38722.93, while the Nifty fell 46.60 points or 0.40% at 11691.90.

Global Markets:-

  • European markets are mixed today. The CAC 40 is up 0.27% while the DAX gains 0.17%. The FTSE 100 is off 0.33%.
  • Asian markets are mixed today a good handover from Wall Street. Japan's Nikkei 225 ended the trading day up by 0.15 percent at 22,848.22 after hitting an earlier high of 22,968.18.
  • S. futures were mostly flat on Wednesday, as Canada began negotiations to join the U.S. and Mexico’s new trade deal.
  • The S&P 500 futures was flat at 2,899.25 while Dow futures was down 12 points, or 0.05%, to 26,073.0. Meanwhile tech heavy Nasdaq 100 futures increased 11 points, or 0.15%,to 7,589.0.
  • The rouble eased on Wednesday alongside other emerging market currencies after ratings agency Moody's sounded more alarm about the Turkish banking sector, outweighing the positive impact of Russian president Vladimir Putin's pension reform.
  • Putin said he has decided to dilute unpopular draft legislation to reform the pension system which has hurt his popularity, but said serious demographic challenges meant some kind of reform was necessary.
  • The rouble was down 0.3 percent to 68.07 against the dollar , having risen to 67.7 during Putin's speech. Last week it hit 69.01, its lowest since April 2016.



Date : Aug-2018