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Rupee concludes substantially weaker against dollar
Oct-29-2020

Indian rupee concluded substantially weaker against dollar on account of continued dollar demand from importers and banks. Sentiments remained fragile despite private report that US called for stronger energy ties with India, hinting at the possibility of reducing trade and investment barriers between both the countries. Losses in the local equity market combined with disappointing quarterly earnings by some blue- chip companies also dampened sentiments. Meanwhile, Union Finance Minister Nirmala Sitharaman stated that she was closely monitoring the progress of Micro Small Medium Enterprises (MSMEs), whom she called as the growth engine of the country. On the global front, dollar held gains against a basket of major currencies on Thursday as escalating coronavirus cases in Europe stoked investors fears that fresh lockdowns would further hit the already fragile economic recovery.

Finally, the rupee ended at 74.10, 23 paise weaker from its previous close of 73.87 on Wednesday. The currency touched a high and low of 74.16 and 73.94 respectively. The reference rate for the dollar stood at 73.76 and for Euro stood 86.92 on October 28, 2020. While the reference rate for the Yen stood at 70.77, the reference rate for the Great Britain Pound (GBP) stood at 96.29.

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