Rupee ends flat at 75.60; traders remain cautious as currency markets will remain shut for next couple of sessions

The Indian rupee settled for the day on a flat note at 75.60 (provisional) against the US dollar on Tuesday, even as the domestic equities witnessed heavy buying on the last day of trading of 2019-20 fiscal

Press Trust of India March 31, 2020 18:33:11 IST
Rupee ends flat at 75.60; traders remain cautious as currency markets will remain shut for next couple of sessions

Mumbai: The Indian rupee settled for the day on a flat note at 75.60 (provisional) against the US dollar on Tuesday, even as the domestic equities witnessed heavy buying on the last day of trading of 2019-20 fiscal.

Forex traders said market participants remained cautious as currency markets will remain shut for the next couple of sessions.

Forex markets will remain shut on 1 April for the annual closing of banks and on 2 April on account of Ram Navami.

Rupee ends flat at 7560 traders remain cautious as currency markets will remain shut for next couple of sessions

Representational image. Reuters.

The rupee, which opened on a positive note at 75.52, settled for the day down 1 paise at 75.60 against the American currency.

During the day, the domestic unit touched a high of 75.31 and a low of 75.66.

On Monday, the rupee had settled at 75.59 against the US dollar.

The rupee has witnessed a sharp decline of over 9 percent in the fiscal year 2019-20. The local unit has depreciated by 646 paise or 9.34 percent in FY20. On 29 March, 2019, the rupee was quoted at 69.14 to the dollar.

Besides, the domestic unit suffered a significant loss in the January-March quarter.

"The rupee marked the biggest quarterly loss amid foreign fund outflows, weaker domestic economic data and coronavirus outbreak. Foreigners have withdrawn more than $14.5 billion this quarter," HDFC Securities Head PCG & Capital Markets Strategy V K Sharma said.

"Going ahead, the trend in Asian currencies and foreign fund flows will decide the action in the rupee. Spot USD/INR is having near-term support at 74.70 and resistance at 76.30," Sharma added.

Updated Date:

also read

Rupee pares early gains, settles 1 paise lower at 70.87 amid weak macro economic data on domestic front
Business

Rupee pares early gains, settles 1 paise lower at 70.87 amid weak macro economic data on domestic front

The rupee gave away its early morning gains to settle on a flat note at 70.87 against the US dollar ahead of the signing of the US-China trade deal and weak macro economic data on the domestic front

Rupee rises 8 paise to 70.78 against dollar in early trade on signs of easing Sino-US tensions, positive global cues
Business

Rupee rises 8 paise to 70.78 against dollar in early trade on signs of easing Sino-US tensions, positive global cues

At the interbank foreign exchange the rupee opened at 70.78 against the US dollar, registering a rise of 8 paise over its previous close.

Rupee declines 7 paise to close at 71.26 as corona virus scare grips Asian currencies
Business

Rupee declines 7 paise to close at 71.26 as corona virus scare grips Asian currencies

The rupee depreciated by 7 paise to close at 71.26 against the US dollar on Thursday as the spread of a deadly new virus from China stoked fears of a global pandemic