Guru Nanak Jayanti Market Holiday. Domestic currency and debt markets remained shut on Monday for Guru Nanak Jayanti holiday. The currency and bond markets are regulated by the Reserve Bank of India (RBI). Trading in currency and debt markets will resume on Tuesday, December 1. On Friday, the rupee edged lower by 16 paise – or 0.22 per cent – to settle at 74.05 against the US dollar. The 10-year benchmark bond yield ended at 5.911 per cent.
The rupee has bounced back 3.73 per cent against the greenback since hitting a record low of 76.91 in April. However, the it is still down 3.73 per cent against the American currency so far this calendar year.
Since March, the RBI has cut its repo rate by 115 basis points to cushion the shock from the coronavirus crisis.
(Also Read: Rupee Ends Winning Streak, Closes At 74.05 Against Dollar)
Official data released after market hours on Friday showed the country’s gross domestic product (GDP) contracted a better-than-estimated 7.5 per cent in the July-September period, rebounding from a record 23.9 per cent slump in the previous quarter on account of the coronavirus pandemic.
(Also Read: Domestic Financial Market To Remain Shut On Monday For Guru Nanak Jayanti)
The dollar index – which gauges the greenback against six currencies – was last seen trading 0.07 per cent lower at 91.7270 on Monday morning, extending its decline in the previous session.
(Also Read: At -7.5%, GDP Rebounds But India Now In Technical Recession)
The domestic currency and debt markets will also remain closed on December 25 for Christmas.