Stock, Forex, Commodity, Currency Markets Shut For EId-Ul-Fitr (Ramzan) 2020

Domestic financial markets remained shut on Monday, May 25 for Id-Ul-Fitr (Ramzan). Trading in equity, debt, currency and commodity segments, which were last open on Friday, will resume on Tuesday, May 26. On Friday, the S&P BSE Sensex index ended 0.84 per cent lower at 30,672.59, and the broader NSE Nifty 50 benchmark settled down 0.74 per cent at 9,039.25. The rupee declined by 34 paise – or 0.45 per cent – to close at 75.95 against the US dollar that day, while the 10-year benchmark bond yield shut shop at 5.96 per cent.

On Friday, the Reserve Bank of India (RBI) lowered the repo rate – the key interest rate at which it lends short-term funds to commercial banks – by 40 basis points to 4 per cent following an off-cycle meeting of its Monetary Policy Committee. That marked the lowest level of repo rate recorded since 2000.

The RBI also reduced the reverse repo rate – the rate at which it borrows funds from banks – by 40 basis points to 3.35 per cent.

It also extended the moratorium on term loan repayments by another three months to August 31, 2020.

The country remains in the fourth phase of a nationwide lockdown with few exceptions to curb the spread of the coronavirus pandemic, which has pushed the economy into a standstill and forced many businesses to trim their workforce amid a crash in demand.

The government and the RBI have brought in monetary and fiscal stimulus measures worth Rs 21 lakh crore to support the economy in its battle against COVID-19.

Since the beginning of the lockdown, the S&P BSE Sensex index has recovered 14.99 per cent. It is however down 25.65 per cent so far this year.