Rupee slid another low against US dollar

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The second wave of pandemic in Europe has caused a serious blow to the global markets.

By Trisha Majumder

data source: Live Mint

Kolkata, October 29, 2020: The India Rupee today has fallen to 74.06 against the US dollar, with a weak opening for domestic equities amidst a global risk aversion.

The downward tracking has been going on for almost a month at 73.88 with a depreciation of 17 paise for a settlement, yesterday’s close being 73.87 against US currency.

“The risk sentiment has been dealt a serious blow with the worsening coronavirus situation in Europe on account of a second wave. Most countries have announced partial lockdowns, curfews or declared emergencies. This threatens to nip the nascent recovery in the bud,” said Abhishek Goenka, Founder and CEO, IFA Global to Mint.

The pandemic caused an almost sell-off of commodities and equities on the contrary to the demands of US treasures that saw a secured place in market.

Goenka also added that the European Central Bank is supposed remain status quo on rates and asset purchases and wait for the US elections, Europe pandemic situation and the Europe and United Kingdoms trade to pan out.

news source : Mint