Report for Wednesday, 02 September 2026
Headlines
- Gold hits over 3-week low as MidEast tensions fan rate-hike fears
- Oil prices extend gains as US and Iran trade fresh strikes
- Asian markets tumble as US-Iran fighting lifts oil and bond yields
- RBI’s bid to lift Indian rupee put to test by oil, US yields
- Dollar holds firm at nearly two-week high as Middle East hostilities lift oil
- Indian Markets Set for Muted Open as Global Sell-Off, Rising Oil Prices Weigh; FIIs Turn Buyers
Currency
Indian Rupee
The Indian rupee is on course to open lower on Wednesday, pressured by a surge in oil prices and rising U.S. Treasury yields, threatening to blunt the momentum the currency has built with the central bank’s intervention.
The rupee is expected to open in the 95.02-95.06 range, according to traders, after settling at 94.95 to the dollar on Tuesday. The currency is on a three-day winning streak after touching a two-month high of 94.80 on Tuesday.
Other Currencies
The dollar held near a two-week high on Wednesday as renewed hostilities in the Middle East drove oil prices higher, reviving inflation concerns and adding upward pressure on bond yields.
The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.11% to 99.79, its highest point since August 17. The euro was down 0.13% at $1.1577.
Indian Equity
Indian benchmark indices are likely to see a muted start on September 2, tracking GIFT Nifty, which was trading flat at around 24,042.50 in early trade.
At close, the Sensex was down 12.99 points or 0.02 percent at 76,944.28, and the Nifty was down 24.60 points or 0.10 percent at 24,055.80.
Technical Analysis
Other Equity
Stocks slumped in Asian trading on Wednesday as a bond market-induced selloff on global markets spilled over into the region, after renewed attacks by the U.S. on Iran pushed oil prices higher.
MSCI’s broadest index of Asia-Pacific shares outside Japan tumbled 1.5% as South Korea’s KOSPI dropped more than 3%, while the Nikkei 225 was down 2.6%. S&P 500 e-mini futures were down 0.1%.
The U.S. dollar index , which measures the greenback’s strength against a basket of six currencies, was up 0.1% at 99.79, its highest since August 17.
Commodity
Oil
Oil prices rose in early trade on Wednesday, extending the previous session’s surge, as concerns over supply disruption intensified after the U.S. and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.
Brent crude futures rose 75 cents, or 0.8%, to $95.40 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude futures climbed 44 cents, or 0.5%, to $90.66.
Gold
Gold fell on Wednesday to its lowest in more than three weeks, as the escalating Middle East conflict lifted oil prices and stoked inflation and rate-hike fears, while investors focused on upcoming U.S. jobs data.
Spot gold was down 0.6% at $4,304.01 per ounce by 0017 Gold, its lowest since August 7. Prices were headed for a fourth straight session of losses and remained below the 200-day moving average, a closely watched technical level.
Economic Calendar
| Wednesday, September 2, 2026 | ||||
| Time | Currency | Event | Previous | Consensus |
| 17:45 | US | ADP Nonfarm Employment Change (Aug) | 44K | 48K |
| 19:30 | US | Factory Orders (MoM) (Jul) | -0.30% | 0.70% |
| 20:00 | US | Crude Oil Inventories | 0.095M | |
| 20:00 | US | Cushing Crude Oil Inventories | 1.176M | |
| 23:30 | US | Beige Book | ||
Disclaimer: All information in this report is collected from various sites on the internet. Although we have taken all precautions for the correct representation of data, we do not take any responsibility for any errors and omissions. The technical analysis and views expressed are the author’s views. We are not responsible for any losses on account of following the same.
Sources
Prepared by
Aakanksha Singh
(Research Analyst)