The Indian rupee rose against the US dollar
|The USDINR pair made a gap down opening at 73.78 levels and traded in the range of 73.62-73.83 with a negative bias and the pair closed at 73.64 levels. The Reserve Bank of India set the reference rate for USDINR at 73.7261 levels. The Indian rupee rose against the US dollar following a surge in domestic benchmark equities. The Indian rupee was also supported by some banks which were said to have sold dollars for foreign fund inflows into Indian companies raising funds via various means.
Germany's economic recovery from the Covid-19 pandemic lost momentum in September, with its flash Purchasing Managers' Index showing growth in the manufacturing sector slowed to an eight-month low reading of 58.5 from 62.6 in August.
S&P Global stated that it has lifted both its euro area economic growth and inflation forecasts for this year, but expected to inflation to fall back below its 2% target next year. They also stated that Europe's economic recovery since lockdown restrictions were lifted in March-April had been "surprisingly strong,".
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