Currency market shut on account of Id-E-Milad
On October 29, Indian rupee ended 24 paise lower at 74.11 versus Wednesday's close of 73.87.
October 30, 2020 / 10:14 AM IST
Indian currency market is shut today (October 30) on account of Id-E-Milad.
On October 29 Indian rupee ended 24 paise lower at 74.11 versus Wednesday's close of 73.87.
At 10:05 IST, the Sensex was up 208.44 points or 0.52% at 39958.29, and the Nifty was up 69.80 points or 0.60% at 11740.60.
"The continuation of the pandemic in absence of a vaccine is creating havoc and is playing out in the fx market. The fear that economic conditions are going to worsen before they get better, is keeping the dollar strong against EM currencies," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
"Adding to this mood is the uncertainty of the US presidential election outcome. So, next week the chances of USDINR trading above 74 are higher and expect the spot pair to trade within 73.50-74.50," he added.
The dollar firmed on Friday and the euro wallowed near a four-week low against the greenback after the European Central Bank signalled further monetary easing by the end of the year.
"Rupee ended lower near 74.05 on broad sell-off in capital markets globally, giving some strength to the US Dollar Index. Weak stock strong dollar along with month-end oil importers demand supported USDINR. 74.55-74.65 can be on cards in coming sessions," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.