Rupee Weakens, Nifty Slips as Markets React to Global Cues on October 31

The Indian rupee weakened slightly to 88.77 per US dollar by 3:30 PM IST, down from its previous close of 88.6950. The marginal decline reflects ongoing pressure from rising US bond yields and cautious sentiment ahead of the Federal Reserve’s policy update. Meanwhile, the benchmark Nifty 50 index provisionally closed 0.56% lower at 25,727.10, shedding 150.75 points from the previous session.

Market participants cited profit booking in banking and IT stocks, along with muted global cues, as key drivers of today’s decline. Broader indices also saw subdued activity, with mid-cap and small-cap segments underperforming. Analysts expect continued volatility in the near term, especially with upcoming macroeconomic data releases and central bank decisions.

Major takeaways:

• Indian rupee closed at 88.77/USD, down from 88.6950  
• Nifty 50 index ended 0.56% lower at 25,727.10  
• Profit booking and global uncertainty weighed on sentiment  
• Banking and IT stocks led the decline  
• Volatility expected ahead of Fed policy update  

Sources: Reuters, Moneycontrol, Bloomberg India