Rupee settles 70 paise lower at 75.59 on weak domestic equities, rise in coronavirus cases in country

The rupee settled 70 paise lower at 75.59 (provisional) against the US dollar on Monday amid a rise in coronavirus cases in the country and weak domestic equities

Press Trust of India March 30, 2020 18:31:54 IST
Rupee settles 70 paise lower at 75.59 on weak domestic equities, rise in coronavirus cases in country

Mumbai: The rupee settled 70 paise lower at 75.59 (provisional) against the US dollar on Monday amid a rise in coronavirus cases in the country and weak domestic equities.

Forex traders said heavy selling in domestic equities dragged the local unit amid mounting fears of a coronavirus -led economic slowdown.

Moreover, strengthening of the American currency in the international market also weighed on the domestic currency.

Rupee settles 70 paise lower at 7559 on weak domestic equities rise in <span class=coronavirus cases in country" width="380" height="285" class="size-full wp-image-4619341" />

Representational image. Reuters.

At the interbank foreign exchange market, the rupee opened at 75.17. During the day, it lost further ground and finally settled at 75.59, down 70 paise over its previous close.

The rupee had settled at 74.89 against the greenback on Friday.

"On the domestic front, the rupee has been under pressure on the back of selling by FIIs in the equity and debt segment.

"Market participants will be keeping an eye on employment numbers that will be released from the US and weaker-than-expected economic data could keep under dollar weighed down," Motilal Oswal Financial Services Forex & Bullion Analyst Gaurang Somaiyaa said.

The BSE Sensex ended 1,375.27 points or 4.61 percent lower at 28,440.32. Similarly, the NSE Nifty fell 379.15 points, or 4.38 percent, to close at 8,281.10.

The number of COVID-19 cases climbed to 1,071 in India on Monday, while the death toll rose to 29, according to the Union Health Ministry.

The dollar was trading 0.59 percent higher at 98.95 against other major currencies.

Updated Date:

also read

COVID-19 vaccine production increasing, India may be first country to have DNA-based jab, Mansukh Mandaviya tells RS
India

COVID-19 vaccine production increasing, India may be first country to have DNA-based jab, Mansukh Mandaviya tells RS

Replying to a short discussion on COVID-19 management in Rajya Sabha, the minister said technology transfer to several companies has started and they will begin production in the coming days

Tokyo Olympics 2020, Form Guide: Tracking Indian women's hockey team over last two years
Sports

Tokyo Olympics 2020, Form Guide: Tracking Indian women's hockey team over last two years

Tracking the Indian women's hockey team's fortunes over the last two years heading into Tokyo 2020 Olympics

Tokyo Olympics 2020, Form Guide: Tracking Indian men's hockey team over last two years
Sports

Tokyo Olympics 2020, Form Guide: Tracking Indian men's hockey team over last two years

Firstpost.com charts the the Indian men's hockey team's fortunes over the last two years heading into Tokyo 2020 Olympics.