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BSE Sensex and NSE’s Nifty 50 may open lower today amid weak global cues ahead of US Fed decision. Here are the latest updates from the markets
Indian stock markets are likely to see a weak opening on Wednesday with SGX Nifty trading 25 points lower at 10,821. Global cues are also weak with Asian shares trading lower. Asian markets slipped as investors await US Federal Reserve policy decision later in the day. Investors would be watching for any clues it might give on future rate hikes. Both Sensex and Nifty 50 closed at a 4-month high on Tuesday, as global sentiment turned upbeat after US President Donald Trump and North Korean leader Kim Jong Un pledged to work towards complete denuclearization of the Korean peninsula. Here are the latest updates from the markets:
Rupee to rebound against US dollar but path rife with pitfalls
The Indian rupee will erase some of this year’s losses against the US dollar over the coming 12 months, but high volatility in the run-up to general elections in 2019 could send it off-piste, a Reuters poll found. A selloff in emerging markets and a widening fiscal deficit, exacerbated by rising oil prices - India’s biggest import bill—has hurt the rupee this year.
The rupee hit an 18-month low of 68.47 per dollar in May and is down over 5 percent so far this year, making it one of the worst performers in Asia.
But the rupee is forecast to rebound and gain slightly to 66.87 in a year from about 67.45 on Tuesday, according to the poll of about 30 foreign exchange analysts taken after the Reserve Bank of India hiked interest rates on 6 June.
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