Asian share markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.5% while the Hang Seng is up 1.2%. The Shanghai Composite is trading up by 0.9%. Wall Street rebounded on Tuesday in a broad-based rally as investors brushed aside intensifying trade rhetoric between the United States and China. All three major US indices closed higher following Monday's sell-off.

Back home, India share markets have opened the day on a flattish note. The BSE Sensex is trading up by 54 points while the NSE Nifty is trading up by 27 points. The BSE Mid Cap index and BSE Small Cap index both opened the day up by 0.4%.

Sectoral indices have opened the day on a mixed note with healthcare stocks and metal stocks witnessing maximum buying interest. While consumer durables stocks and power stocks opened the day in the red.

The rupee is trading at Rs 72.76 against the US$.

Noe that, the rupee is the worst performer in Asia in 2018. It has fallen by around 12% against the US dollar this year.

Indian Rupee is the Worst Performing Currency in Asia

The rupee is under pressure due to a strong dollar and high oil prices. Similarly, the spill-over from the emerging-market turmoil in Argentina and Turkey is weighing on the rupee.

The falling rupee is also triggering sales of bonds and stocks, which in turn is further pressuring the rupee.

Nevertheless, last week, the government announced several measures. This includes cutting down non-necessary imports, removal of withholding tax on rupee-denominated bonds, and easing overseas borrowing norms.

That said, in the near term, the rupee being under pressure could benefit export-oriented businesses.

Moving on to the news from the pharma sector. In the latest development, Sun Pharma said Spanish firm Almirall has received approval from the European Commission (EC) for Tildrakizumab (brand name Ilumetri in Europe). It is a drug used for treating psoriasis.

In July 2016, Sun Pharma out-licensed Ilumetri to Almirall, for the development and commercialization of the product in Europe.

Psoriasis is a chronic immune disease that appears on the skin. It affects an estimated 7.8 million adults in Europe and around 125 million people worldwide.

This European approval for Sun Pharma comes just a few days after the company received the approval for its eye care drug Xelpros, giving markets the confidence that despite the inspections by regulators of its plants in the last few weeks, there is no cause for worry.

Tildra branded as Ilumia in the US is a biologic drug administered subcutaneously and is used to treat moderate-to-severe psoriasis. Sun will be vying for its share in the US$9 billion market, competing with drug makers like J&J, Novartis and Eli Lilly. Sun said that its partner will roll out this drug in Europe in the next few weeks.

In the last two months Sun Pharma has received approval for four drugs from its pipeline after a dry spell of nearly 2 years.

Note that, Sun Pharma has been betting big on its specialty portfolio.

Meanwhile, Sun's finances too have been turning around, giving much relief to markets that was waiting for nearly two years for the company to clean up its issues with the US drug regulator.

For the first quarter ending July, India's largest drug maker Sun pharma posted a consolidated net profit to the tune of Rs 9.5 billion beating street estimates.

Sun Pharma share price opened the day up by 1.4%.

Moving on to the news from the global economy. In the latest development, China will levy tariffs on about US$60 billion worth of US goods in retaliation for new US tariffs, as previously planned, but has reduced the volume of tariffs that it will collect on the products.

The tariff rates will be levied at 5 and 10%, instead of the previously proposed rates of 5, 10, 20 and 25%, the reports noted.

China will impose a 10% tariff on US products it previously designated for a rate of 20 and 25%. Liquefied natural gas (LNG), for example, was previously under the 25% tariff category but now will be subject to a tariff of 10%.

The new tariff measures will take effect on September 24, the date when the Trump administration says it will begin to levy new tariffs of 10% on US$200 billion of Chinese products.