Rupee settles at 73.87 against US dollar

29 October, 2020 12:00 AM printer

NEW DELHI: The rupee depreciated 16 paise and settled at 73.87 against the US dollar on Wednesday as heavy selling in the domestic equity market and strengthening American currency weighed on investor sentiment.

At the interbank forex market, the rupee opened on a positive note at 73.70 against the greenback, but soon pared the gains and closed for the day at 73.87, registering a decline of 16 paise over its previous close of 73.71, report agencies.

In a volatile trading session, the domestic unit witnessed an intra-day high of 73.64 and a low of 73.93 against the US currency.

“The toxic brew of no US fiscal stimulus and rapidly rising coronavirus cases are dwindling market sentiments, especially ahead of the US election event risk,” said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.

Gupta further said that the spot is not breaking the psychological level 74, the odds of spot going beyond 74 remains high as market volatility has started to rise.


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