Market Outlook

The rupee recovered marginally and opened flat at 70.6475 against the dollar on Tuesday amid weak global cues and foreign fund outflows. Moreover, foreign fund outflows, rising crude prices and US-China trade related concerns weighed on the domestic currency. Contrary, Dollar are correcting some of Monday’s sharp movements in early trade in Europe on Tuesday, slowly absorbing the shock of the trade war escalation between the U.S. and China. On the economic front India’s WPI inflation at 3.07% and Food inflation at 4.95% in April.

Fundamental News

  • China’s offshore yuan weakest since December after Beijing adds tariffs
  • UK: Labour market to remain very tight
  • Yuan Rebounds on Reports of ‘National Team’ Support; Trade War in Focus
  •  Dollar Steadies After Hitting 3-Week Low on Rate Cut Hopes
  • Australia: Consumer confidence drops on RBA and trade 

 

 

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