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Rupee slumps 33 paise to 74.74 against US dollar in early trade

Traders said most Asian currencies opened weak against the US Dollar Index, which started with gains on Wednesday morning in Asian trade as investors closely watched the outcome of US Presidential election

twitter-logoBusinessToday.In | November 4, 2020 | Updated 12:35 IST
Rupee slumps 33 paise to 74.74 against US dollar in early trade
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.32 per cent to 93.85

Indian rupee, the local currency fell by 33 paise to 74.74 per dollar on Wednesday's opening trade, tracking strong American currency ahead of the US Presidential election results.

The local unit opened at 74.74 at the interbank forex market, down 33 paise over its last close. On Tuesday, Indian Rupee ended at 74.40 yesterday, up 3 paise against its previous close of 74.43.

Traders said most Asian currencies opened weak against the US Dollar Index, which started with gains on Wednesday morning in Asian trade as investors closely watched the outcome of US Presidential election.

Investors hoped a win by Joe Biden in the presidential race of the world's oldest democracy might lead to more economic stimulus for the coronavirus-hit economy. Although later, the polls from the US Presidential election suggested a tight race between the two challenger Joe Biden and President Donald Trump, with no clear winner yet in sight.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.32 per cent to 93.85. Earlier, the dollar index slipped on the notion a Biden victory would weaken the greenback.

On the domestic equity market front, the 30-share BSE benchmark Sensex was trading 146.60 points higher at 40,407.73, and the broader NSE Nifty rose 32.60 points to 11,846.10.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 2,274.40 crore on a net basis on Tuesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 2.14 per cent to USD 40.56 per barrel. Oil price gained ahead of US Presidential election results and amid concerns over rising covid-19 cases and its impact on fuel demand across the globe.

On the domestic macro front, the domestic services & composite PMI data for October are due today.

US presidential elections: Investors pull back on market uncertainty; S&P 500 climbs around 2%

US Elections 2020 Result Live Updates: Biden and Trump in tight fight; no clear winner yet

Share Market Live: Sensex rises 350 points, Nifty at 11,900; Infosys, Sun Pharma, Adani Ports top gainers

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