Rupee hits over 10-week low, slumps 35 paise against USD
Mumbai: The Indian rupee on Wednesday plunged by 35 paise to close at its weakest level in over 10 weeks at 74.76 against the US dollar as investors appeared cautious looking for clarity on the US election outcome and the latest tranche of fiscal stimulus.
At the interbank forex market, the rupee opened at 74.74 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.90. It finally settled at 74.76 -- its lowest level since August 21 this year.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.35 percent to 93.88.
"The rupee will continue to be in focus till clarity emerges on the US election outcome and the latest tranche of fiscal stimulus. In times of uncertainty, investors tend to rush towards the USD which is a safe haven," Nish Bhatt, Founder & CEO, Millwood Kane International, said.
Brent crude futures, the global oil benchmark, rose 0.38 percent to USD 39.86 per barrel.
On the domestic equity market front, BSE benchmark Sensex ended 355.01 points or 0.88 percent higher at 40,616.14; and the broader NSE Nifty climbed 95 points or 0.80 percent to 11,908.50.
"The big risk to the currency market is the uncertainty over the new US President and the inconclusive election result. The Democrats are leading but Republicans are catching up. In such a scenario, traders are preferring to go against the rupee," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
The closely-fought US presidential election appeared to be headed into an uncertain phase with Republican incumbent Donald Trump and his Democratic challenger Joe Biden fighting it out in the key battleground states.
"The rupee depreciated against the greenback as investors continued to have faith in the dollar over US election outcome concerns," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Iyer further said that investors will be also looking to the US Federal Reserve and Bank of England monetary policies, due on Thursday.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
India moving towards becoming global economic powerhouse: Kovind
_vb_69.jpeg)
Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
