India markets Eid holiday moved to Thursday


Mumbai (Reuters) – India’s equity market will be shut on Thursday for the Eid holiday, instead of Wednesday as scheduled, the stock exchange said on Tuesday, while traders said the holiday was also moved for the bond, money and foreign exchange markets.

The shift comes after the government of Maharashtra, the state that is home to the country’s financial capital Mumbai, changed the date for the Eid holiday late on Monday.

While bond traders said a notification from the Clearing Corp of India Ltd (CCIL), which settles trades, said the holiday was shifted, there is no communique for the forex market yet.

Traders, however, confirmed the forex market would also be shut on Thursday. A trader with a public sector bank pointed out that the value date for overnight USD/INR cash swap trades was June 27, over June 28.

The Reserve Bank of India, which oversees the bond and forex markets, has not put out any official statement as yet and was not immediately available for comment.

On the stocks front, the National Stock Exchange also said the expiry date for June futures and options contracts is now revised to June 28 from June 29 earlier.

The RBI is yet to issue directions on the auction timeline as well as settlement dates for the debt market, a trader with a private bank said.

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