Currency market to remain shut for two days on account of Gudhipadwa, Dr Ambedkar Jayanti


On April 12, Indian rupee ended 31 paise lower at 75.05 per dollar.

Representational image: Shutterstock

Representational image: Shutterstock

Indian currency market will remain shut for the next two days (April 13 and April 14) on account of Gudhipadwa and Dr Baba Saheb Ambedkar Jayanti.

On April 12, Indian rupee ended lower at 75.05 per dollar against Friday’s close of 74.74.

Rupee slipped 31 paise amid weakness saw in the domestic equity market as Maharashtra government will consider imposition of a lockdown after the state Cabinet meeting on April 14.

However, Indian equity market will remain open today. The Sensex was up 294.44 points or 0.61% at 48177.82, and the Nifty was up 100.20 points or 0.70% at 14411.00.

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“Rupee trade lower below 75.00 yet again as Maharashtra lockdown after Gudi Padwa festival send weak signals across the risky assets making rupee go weaker. Levels at which the rupee will trade looks 74.75-75.50 with a weak tone,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.

The dollar hovered near a three-week low against major rivals on Tuesday, pressured by lower Treasury yields as traders awaited highly anticipated U.S. inflation data later in the global day.

Oil prices edged higher on Tuesday on tensions in the Middle East after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites and on an expected drawdown in crude oil inventory in the United States.

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