Rupee slips 40 paise to settle at 76.46 on weak domestic equities, strengthening greenback overseas

The rupee depreciated by 40 paise to settle at 76.46 (provisional) against the US dollar on Friday, tracking weak domestic equities and a strengthening greenback overseas

Press Trust of India April 24, 2020 15:27:19 IST
Rupee slips 40 paise to settle at 76.46 on weak domestic equities, strengthening greenback overseas

Mumbai: The rupee depreciated by 40 paise to settle at 76.46 (provisional) against the US dollar on Friday, tracking weak domestic equities and a strengthening greenback overseas.

Forex traders said market sentiment weakened after a potential antiviral drug for coronavirus reportedly failed its first trial.

The rupee opened lower at 76.30 at the interbank forex market and then fell further to 76.47 and finally closed at 76.46, down 40 paise over its last close.

Rupee slips 40 paise to settle at 7646 on weak domestic equities strengthening greenback overseas

Representational image. Reuters.

The rupee had settled at 76.06 against the US dollar on Thursday.

The dollar index, which gauges the greenback's strength against a basket of six currencies, advanced by 0.31 percent to 100.74.

Market participants are concerned that the sharp rise in coronavirus cases could weigh on the global as well as domestic economy.

The number of coronavirus cases around the world has crossed 27 lakh. In India, over 23,000 cases have been reported so far.

"Any piece of bad news regarding coronavirus , rattles the risky assets including rupee and we see it breaching fresh record lows," Emkay Global Financial Services Head of Research - Currency Rahul Gupta said.

Gupta further noted that "all this while, investors were hoping on flattening coronavirus cases and progress of a vaccine, but now there are doubts in the development of drugs. This uncertainty will continue to fickle the forex market".

After hitting a low of 31,278.27, the benchmark Sensex was trading 489.42 points or 1.54 percent down at 31,373.66 in the afternoon session.

Similarly, the NSE Nifty declined 145.45 points, or 1.56 percent, to 9,168.45.

In USD/INR spot 75.70-75.75 has been acting as a crucial support, and will remain the same, going ahead we may see prices breach 77-77.15 level, he further noted.

Updated Date:

also read

New COVID-19 vaccine procurement policy will rejuvenate India's battle against pandemic; here's why
Blogs

New COVID-19 vaccine procurement policy will rejuvenate India's battle against pandemic; here's why

While the original plan of 30 crore fully vaccinated individuals by July may extend by a few weeks, the year-end target can be more ambitious

Copa America's fate rests in hands of Brazil Supreme Court amid surge in country's COVID-19 cases
Sports

Copa America's fate rests in hands of Brazil Supreme Court amid surge in country's COVID-19 cases

Already delayed by 12 months because of the pandemic, the Copa America nearly unravelled when original co-hosts Colombia and Argentina fell through at the last minute — the former because of violent anti-government protests, the latter because of a surge of COVID-19.

Euro 2020: Fans at England's European Championship games to use vaccine passports
Sports

Euro 2020: Fans at England's European Championship games to use vaccine passports

There will around 22,500 spectators for England's first two group games, against Croatia and Scotland at Wembley, with the stadium running at 25 percent capacity.