Sunday, November 24, 2024
spot_img

Hit by US elections uncertainty, rupee plunges to 2-month low (Lead)

Date:

Share post:

spot_img
spot_img

MUMBAI: The uncertainty regarding the US election outcome impacted the Indian rupee which plunged to a two month low mark during Wednesday’s trade session.

The rupee hit an intraday low of 74.88 as there were indications that the US presidential results might be contested in courts.

At around 3.15 p.m., the rupee traded at 74.80 to a greenback.

“Markets would not like a delayed result, which can lead to prevalence of more risk-off sentiment,” Sajal Gupta, Head, Forex and Rates, Edelweiss Securities.

“No matter who wins. Stimulus shall be coming. So expect US dollar to weaken in two weeks time after a clear win.”

At the end of the day’s trade, the rupee stood at 74.7462 from its previous close of 74.4063 to a greenback.

“A lack of clarity on the outcome of the US Presidential Election has created a lot of uncertainties,” said Nish Bhatt, Founder and CEO, Millwood Kane International.

“Global equity and currency market have reacted according to it. With the US Dollar gaining strength, the Indian rupee saw a decline, as it slipped towards the crucial 75 per US dollar mark.”

Rahul Gupta, Head of Research, Currency, at Emkay Global Financial Services, said: “The USDINR spot is respecting the immediate resistance of 75, but the caution and volatility will keep the appreciation intact.”

“For the coming sessions, we expect USD-INR spot to trade in between 74-75.50.”

spot_img
spot_img

Related articles

Is it ever OK for scientists to experiment on themselves?

A virologist named Beata Halassy recently made headlines after publishing a report of successfully treating her own breast...

How do brains coordinate activity?

The brain is a marvel of efficiency, honed by thousands of years of evolution so it can adapt...

Jaiswal, Rahul flip the script on Aussies

Yashasvi Jaiswal and KL Rahul guided tourists to 172-0 at close of Day 2, a lead of 218,...

PCB says no meeting with ICC, BCCI

Karachi, Nov 23: The Pakistan Cricket Board on Saturday brushed aside reports that its officials will be holding...