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Rupee slumps 30 paise to 74.40 against US dollar in early trade

Forex and money markets remained shut on Friday on account of Eid-e-Milad. On Thursday, the rupee fell for the second straight session and ended another 23 paise lower at 74.10 per US dollar

twitter-logoBusinessToday.In | November 2, 2020 | Updated 11:41 IST
Rupee slumps 30 paise to 74.40 against US dollar in early trade
At the interbank forex market, the local unit opened at 74.40 per dollar, down 30 paise over its last close

Indian rupee, the currency benchmark fell by 30 paise to 74.40 per US dollar on Monday's opening trade, tracking muted domestic equities and strong American currency.

At the interbank forex market, the local unit opened at 74.40 per dollar, down 30 paise over its last close.

Forex and money markets remained shut on Friday on account of Eid-e-Milad. On Thursday, the rupee fell for the second straight session and ended another 23 paise lower at 74.10 per US dollar.

Losses in domestic stock markets and uncertainty ahead of US presidential election weighed on the investor sentiment, traders said.

Meanwhile, the dollar index, rose 0.13 per cent to 94.15 against a basket of six currencies.

On the domestic equity market front, market indices traded on a bearish note on Monday, amid mixed global equities. Sensex fell 200 points lower at 39,393 and Nifty fell 60 points to 11,581.

Foreign portfolio investors (FPIs) sold shares worth Rs 870.88 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 631.11 crore in the Indian equity market on 30 October, provisional data showed.

Brent crude futures, the global oil benchmark, fell 3.22 per cent to USD 36.72 per barrel.Oil price fell adding to previous day's losses on rising concerns over demand as corona virus cases rose in Europe and US.

"We may continue to see bids in USD/INR on account of overall global risk aversion. 74.95 is an extremely crucial resistance. 73.65 is now likely to act as a support. We expect an intraday range of 74.25-74.65," said Abhishek Goenka, Founder and CEO, IFA Global.

Goenka further added that "we have the US presidential election on November 3rd (Tuesday), Reserve Bank of Australia rate decision on Tuesday, Bank of England on Thursday.

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