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World Time

Daily Report

2017-04-26 WEDNESDAY

Asian stocks extended gains for a fifth consecutive day today, as renewed optimism about the world\'s biggest economy brightened the outlook for risk assets while the euro held on to previous gains as political concerns in France ebbed. A strong finish to U.S. markets was the main driver. The Nasdaq Composite hit a record high, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America. Fanning the market\'s rally were reports that President Donald Trump\'s tax reform proposals, due to be announced later today, would include a slashing of the corporate tax rate and lower taxes on offshore earnings stockpiled by U.S. companies overseas. The threat of a U.S. government shutdown this weekend also receded after Trump backed away from demanding Congress include funding for his planned border wall with Mexico in a spending bill. The euro was steady at $1.09355, retaining most of its recent 1.3 percent gain. On Monday, it posted its strongest one-day performance in 10-1/2 months, which lifted the common currency to a 5-1/2-month high. Growing appetite for risk meant safe-haven assets fell out of favor, with U.S. 10-year Treasury yields firming to 2.34 percent from 2.23 percent on Friday. U.S. crude futures slipped after a volatile overnight session following an industry report showing a surprise build-up in inventories.  The Indian rupee opened stronger and with a gap of 07 paisa at 64.19 against its previous sessionís close of 64.26 and is expected to trade in 63.90 - 64.40 ranges today.
Dollar Rupee

Midday Report


The Indian rupee opened stronger and with a gap of 7 paisa at 64.19 against its previous sessionís closing of 64.26 and rose to 63.93, an over 20-month against the dollar, as local shares continued their surge amid optimism ahead of U.S. tax reform announcements and on improved risk appetite after pro-European Union Emmanuel Macron won the first round of French presidential polls.` However, state-run banks stepped up dollars purchases at near the dayís high, likely on behalf of the central bank, to curb the runaway gains in the rupee. A large private bank and a foreign bank sold $75-$100 million dollars, likely on behalf of an engineering conglomerate, further boosting the rupee. Greenback flows from a masala bond issue of a state-run energy firm further helped the rupee. Risk appetite improved this week as the first round of French presidential elections showed market-friendly independent candidate Emmanuel Macron and far-right leader Marine Le Pen qualifying for the May 7 runoff, lowering odds of Franceís possible exit from the European Union. Trump is expected to announce his promised tax reforms today. The administration is planning to cut corporate tax rate to 15% from 35%, according to media reports. Trump will also introduce a proposal to reduce taxes on offshore earnings stockpiled by the U.S. companies overseas, Bloomberg reported citing a White house official. ďThe rupee will see strong support at 63.80, but considering the overall downside momentum in the rupee and the sustained rally in equities, we doubt that will hold unless the RBI intervenes. Intraday, we expect the rupee to trade in the range of 63.90 -64.20 today.

INR Rates

Symbol   Bid  ASK
USD65.405 65.415
GBP81.54041 81.57312
EUR70.61778 70.65702
JPY0.58733 0.58749
CHF65.95906 65.98567
AUD49.85169 49.86477
SGD46.72453 46.75794
CAD48.86805 48.88631
NZD45.94047 46.00588
*Closing Rates on : 2017-03-25

Stock Indices

BSE Sensex30133.35190.11
S&P CNX Nifty9351.8545.25
DJ IA20996.12232.23
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