CAD continues to trade lower against INR & USD

CAD continues to trade lower against INR & USD

K.T. Jagannathan

The Canadian dollar (CAD) is trading lower against the Indian Rupee (INR) and the American Dollar (USD) on Thursday, August 27, 2020.

CAD was at 56.2096 against the Indian rupee at 12.13 p.m. GMT, which was lower compared to Wednesday’s rate (56.4825). CAD was trading lower against the U.S. dollar at 0.7604 (12.15 p.m. GMT) compared to 0.7608 on Wednesday. However, the Canadian currency was quoting higher at 0.5772 (12.15 p.m. GMT). The CAD ended Wednesday at 0.5755 against the British currency.

Indian stocks in green

Indian benchmark share indices continued upward march for the fifth straight session on Thursday but settled with minor gains led by realty stocks.

After opening 220 points higher, the BSE Sensex succumbed to fag-end sell-off and settled 39.55 points or 0.10% higher at 39,113.47. Likewise, the NSE Nifty failed to hold 11,600-mark and ended the session at 11,574, up 24.40 points or 0.21%.

The focus will now turn to the speech by the U.S. Federal Reserve chairman later in the day. The Indian stock indexes have risen over 4% so far this month. Investors have clearly taken somewhat an optimistic view of potential coronavirus vaccines. The recent earnings season has also indicated a kind of revival in business activity.

Indian economy stronger, says RBI chief

Reserve Bank of India Governor Shaktikanta Das on Thursday said the country’s economy remained much stronger amid the coronavirus pandemic than it was during the global financial crisis over a decade ago even if growth had slowed.

Rupee stronger against the US Dollar

The Indian rupee (INR), in the meanwhile, ended Thursday 0.65% stronger against the U.S. dollar at 73.8100, its highest level since March 13.