Currency market shut today for Id-E-Milad

Indian currency market will remain shut on October 19 on account of Id-E-Milad.

The Indian rupee ended marginally lower at 75.34 per dollar on October 18. It had closed at 75.26 a dollar on October 14.

The Indian equity market, however, stayed open on Tuesday. The benchmark indices touched the fresh record highs in the early session with Sensex and Nifty crossing 62,000 and 18,600 for the first time.

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At 10:32 hrs, the Sensex was up 184.68 points or 0.30 percent at 61950.27, and the Nifty was up 35.60 points or 0.19 percent at 18512.60.

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"The USDINR spot closed 9 paise higher in choppy trade as rising equity markets offset the impact of rising bond yields and oil prices," said Anindya Banerjee, DVP, Currency Derivatives and Interest Rate Derivatives at Kotak Securities.

"As long as oil prices and yields continue to climb higher, the USDINR will find a strong support near 75.00 levels and resistance near 76.00 levels. Bias remains of a slow upward trend," he said.

Oil prices fell on Tuesday, with the Brent down a second straight day, after Chinese data showed slowing economic growth and US factory output dropped in September, raising fresh concerns about demand amid patchy recovery from the pandemic.

The dollar languished near the bottom of its recent range against major peers on Tuesday, knocked back by weak US factory data overnight and on market wagers of faster normalisation of monetary policy in other countries.