Rupee rout deepens, slips 16 paise to 74.44 against dollar on global equity market selloff; RBI move restricts local unit's fall

A day earlier, the rupee had tumbled by 60 paise to close at a new 17-month low of 74.28 amid coronavirus pandemic fanning global economic recession fears.

Press Trust of India March 13, 2020 11:57:36 IST
Rupee rout deepens, slips 16 paise to 74.44 against dollar on global equity market selloff; RBI move restricts local unit's fall

Mumbai: The Indian rupee fell by another 16 paise to 74.44 against the US dollar as financial markets around the globe continued to feel jitters of coronavirus pandemic.

A day earlier, the Indian currency had tumbled by 60 paise to close at a new 17-month low of 74.28 amid coronavirus pandemic fanning global economic recession fears.

Rupee rout deepens slips 16 paise to 7444 against dollar on global equity market selloff RBI move restricts local units fall

Representational image. Reuters.

Meanwhile, the global crude oil benchmark Brent Futures fell 0.87 percent to trade at $32.93 per barrel.

A sense of anxiety among investors has developed as they see the global economy is plunging into a deep crisis due to coronavirus pandemic that has killed about 5,000 and sickened lakhs of people around the globe, analysts said.

Amid the heavy rush for the US dollar in forex markets, the Reserve Bank of India (RBI) announced liquidity measures such as buy-sell swap of $2 billion to increase dollar availability with banks and ease pressure on rupee.

In the current month so far, FPIs have pulled out a whopping Rs 33,163 crore ($4.46 billion) from Indian capital markets.

Meanwhile, the Indian equity market saw another tumultuous opening session for a second day on Friday, with the benchmark Sensex plunging over 3,000 points to trade below the psychological 30,000 level; while the NSE gauge Nifty crashed nearly 1,000 points to dip below the 9,000 mark.

Indian bourses halted trading for 45 minutes during the early session after both the benchmark indices Sensex and Nifty hit their lower circuit limits.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Coronavirus pandemic estimated to decrease media and entertainment industry revenue by 16 percent, says I&B minister
Entertainment

Coronavirus pandemic estimated to decrease media and entertainment industry revenue by 16 percent, says I&B minister

The government has released guiding principle and Standard Operating Procedure (SOP) for media production activities to contain the spread of coronavirus

'I've never felt so stressed': Indian men's hockey striker Mandeep Singh on COVID-19 recovery period
Sports

'I've never felt so stressed': Indian men's hockey striker Mandeep Singh on COVID-19 recovery period

Mandeep is one of the six men hockey players, including skipper Manpreet Singh, who had tested positive for COVID-19 at the team's training base here last month after they arrived for the national camp.

Coronavirus rules leave Sheffield United boss Chris Wilder all at sea as EFL welcomes back fans
Sports

Coronavirus rules leave Sheffield United boss Chris Wilder all at sea as EFL welcomes back fans

Eight English Football League (EFL) matches are set to be played in front of crowds of up to 1,000 this weekend, in the second, third and fourth tiers.