Exim News

Indian Rupee: General Undertone Stays Supportive

The Indian Rupee is extending a choppy trading pattern amid year and month-end trades. Not much of activity is taking place in global markets and the US dollar index is hovering around 92.70 levels - its weakest mark in last one month. General undertone is firm in the local currency as the equities are witnessing impressive gains at the close of 2017. Sensex hit a fresh high of 34000 in last session. The NSE USD/INR futures for January 2018 are currently quoting at 64.31, up 0.05% on the day.

 

However, today, the Sensex trimmed gains while the Nifty hovered in positive zone in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 64.87 points or 0.19% at 34,075.48. The Nifty 50 index was up 5.20 points or 0.05% at 10,536.70. Gains in the Sensex were more in percentage terms than those of the Nifty. Many FMCG stocks rose. Realty stocks saw mixed trend.

 

A divergent trend was seen in early trade as the barometer index, the S&P BSE Sensex, was trading with small gains while the Nifty 50 index was trading with marginal losses. The Sensex scaled record high in early trade. The Sensex extended gains in morning trade while the Nifty regained positive zone in morning trade. The Nifty hit record high in morning trade.

 

The US markets reopened following the long, holiday weekend and witnessed modest declines. Selling pressure was relatively subdued, though limiting the downside for the major averages. The major averages all ended the day in negative territory though the quantum of losses was very thin.

 

Source: indiainfoline.com

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