Currency Market Closed On Account Of Buddha Purnima

Currency market in India will remain closed on 7 May on account of Buddha Purnima.

The Indian rupee closed lower at 13 paise on Wednesday at 75.76 against the dollar amid volatility in the stock markets.

The domestic currency has declined over 6 percent against the dollar so far in 2020 as coronavirus containment measures have caused a significant drop in economic activity in India. Weak PMI numbers showed clear indications of the adversities of the pandemic on the economy.

Further, the dollar's gain amid the crisis, due to its safe haven appeal, has also added pressure.

This week, recovery in oil prices and US-China trade tensions have also added pressure on the rupee.