Rupee slips 48 pairs to $ 76.08 against dollars in early trading amid coronavirus fears

0
31

Image for illustration.

Image for illustration.

Forex traders said the weak opening in domestic stocks has impacted the local entity amid growing fears of an economic slowdown caused by corona viruses.

  • PTI
  • Last update: April 3, 2020, 11:24 am

New Delhi: Indian rupee fell 48 pairs against the US dollar to 76.08 against the US dollar on Friday as investors anticipated a longer period of uncertainty as coronavirus cases rose sharply worldwide and in India.

Forex traders said the weak opening in domestic stocks has impacted the local entity amid growing fears of an economic slowdown caused by corona viruses.

The rupee opened weakly on the interbank foreign exchange market at 75.97 and then fell further to 76.08, a 48-pair decline from the previous close.

The rupee had leveled off against the US dollar at 75.60 on Tuesday.

Foreign exchange markets in India closed on April 1 due to the annual closure of banks and April 2 due to Ram Navami.

According to Reliance Securities, “rising coronavirus cases in India and around the world could weigh on sentiment as investors could continue to buy the safe haven dollar.”

There are more than a million reported cases of coronavirus worldwide, and in India the number of confirmed cases of coronavirus has exceeded 2,000.

Brent crude futures, the global oil benchmark, fell 3.24 percent to $ 28.97 a barrel.

Foreign institutional investors (FIIs) remained net sellers on the capital markets as they sold rupees worth 1,116.79 billion rupees on Wednesday, according to preliminary information.

Domestic stock exchanges opened up negatively, with the Sensex benchmarks at 353.48 points at 27,911.83 and Nifty at 118.25 points at 8,135.55.

The dollar index, which measures the strength of the greenback versus a basket of six currencies, rose 0.03 percent to 100.20.

Source