Monday, April 13, 2020

Rupee Edges Lower To 76.43 Against Dollar Amid Coronavirus Crisis

The rupee was last seen trading at 76.40 - down 11 paise from the previous close - against the greenback.


Rupee Edges Lower To  76.43 Against Dollar Amid Coronavirus Crisis

The rupee is down6.91% against the dollar so far this year
The rupee declined by as much as 14 paise to hit 76.43 against the US dollar on Monday. That brought the rupee within a stone's throw of its all-time low of 76.55 registered this month as the fast-spreading coronavirus pandemic continues to batter global financial markets. The rupee was last seen trading at 76.40 - down 11 paise from the previous close - against the greenback. Weakness in domestic equity markets amid the rising number of coronavirus cases kept the rupee under pressure, according to analysts.
India on Monday entered the 20th day of a countrywide lockdown to curb the spread of the COVID-19 disease, which has pushed the world's financial markets into a tailspin.
"Risk appetite remained weak as coronavirus fresh cases and death toll rose in the United States and back in India," Reliance Securities said in a research note.
The number of deaths around the world linked to the new coronavirus has crossed over 1,14,000. In India, more than 9,000 coronavirus cases have been reported so far.
Crude oil prices jumped by more than $1 a barrel on Monday after the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.
Brent crude futures - the global benchmark for crude oil rates - were last seen trading up $1.29 a barrel - or 4.1 per cent - at $32.77, having risen to as high as $33.99 a barrel earlier.
The money markets now operate from 10 am to 2 pm, in a shift from eight trading hours (from 9:00 am to 5:00 pm) in the wake of coronavirus pandemic. The current timings will continue till April 17. 
The government is due to release data on consumer inflation - or the rate of increase in consumer prices - at 5:30 pm. 
As of Thursday's close, the rupee is down 6.91 per cent against the greenback so far this year. On April 9, it depreciated to an all-time low of 76.55 against the US currency.


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