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Farmers' protest: Tikri, Singhu borders shut

The traffic police has urged people to take an alternate route as the Singhu border is still closed from both sides.
The Economic Times
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| 30 November, 2020, 10:08 AM IST | E-Paper


    Dollar rebounds from 3-month low after U.S. data; FOMC minutes awaited

    The number of Americans filing first-time claims for jobless benefits increased further last week, suggesting that an explosion in new COVID-19 infections and business restrictions were boosting layoffs and undermining the labor market recovery.

    Rupee settles 5 paise higher at 74.11 against US dollar

    The dollar index, which gauges the greenback's strength against a basket of six curre...

    US dollar gains on persistent rise in coronavirus cases

    ​​The dollar was also caught between two opposing forces, with a safety bid supportin...

    • The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.33 per cent to 92.62.

      Insiders say that in May and June many companies had to square off their treasury and equity investments and book losses, which cannot be set off against other gains.

      "The US and countries across Europe are enforcing stricter measures to tackle the rising second wave of cases. This has stalled the global risk rally as of now. However, with progress on the vaccine front, there are no signs of panic as yet," said Abhishek Goenka, Founder and CEO, IFA Global.

      In the previous session, rupee fell sharply against the greenback ahead of the important inflation and industrial production number that were released later in the day.

      After strengthening in the past few sessions, the Indian unit came under pressure in the previous session on the back of short covering moves even as the domestic equities surged to record high levels.

      At the interbank foreign exchange (forex), the domestic currency opened sharply higher at 73.95 a dollar and gained further strength to touch a high of 73.83 during the day.

      Market participants will be keeping an eye on the US election results and that could trigger volatility for major crosses including the rupee.

      The ECB kept interest rates steady on Thursday but committed to contain the growing fallout from a second wave of coronavirus infections, saying it would hone its response by its December meeting, as widely expected by the market.

      On Monday, the Rupee fell to the lowest level in a month following broad based strength in the dollar against its major crosses. Dollar gained on the back of safe haven buying as the number of Covid cases started to increase in the US and the EU.

      The Reserve Bank of India has bought $40 billion during the virus-induced lockdown that sent the local economy plunging to historic lows while financial markets soared.

      Daily moves were slight and mostly in the dollar's favour early in the Asia session as traders awaited the final U.S. presidential debate, which begins at 0100 GMT. Markets could be sensitive to any vote-shifting moments as campaigning hits fever pitch ahead of polling day on Nov. 3.

      On the domestic front, lack of cues kept the volatility low for the currency. Appreciation for the rupee remained capped as the RBI continues to intervene to cap the volatility for the currency.

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    The Economic Times