Rupee slips 48 paise to 76.08 against dollar in early trade; weak opening in domestic equities drags local unit
Mumbai: The Indian rupee fell 48 paise to 76.08 against the US dollar in opening trade on Friday, as investors braced for a prolonged period of uncertainty as coronavirus cases witnessed a sharp rise across the world and in India.
Forex traders said weak opening in domestic equities dragged the local unit amid mounting fears of a coronavirus-led economic slowdown.
The rupee opened weak at 75.97 at the interbank forex market and then fell further to 76.08, down 48 paise over its last close.
The rupee had settled at 75.60 against the US dollar on Tuesday.
Forex markets in India were closed on 1 April for the annual closing of banks and on 2 April on account of Ram Navami.
According to Reliance Securities "rising coronavirus cases in India and globally could also weigh on sentiments as investors could continue to buy the safe haven Dollars".
There are more than one million declared cases of coronavirus worldwide and in India, the tally of confirmed coronavirus cases has crossed the 2,000-mark.
Brent crude futures, the global oil benchmark, fell 3.24 per cent to USD 28.97 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they sold shares worth Rs 1,116.79 crore on Wednesday, as per provisional data.
Domestic bourses opened on a negative note with benchmark indices Sensex trading 353.48 points down at 27,911.83 and Nifty down 118.25 points at 8,135.55.
The dollar index, which gauges the greenback''s strength against a basket of six currencies, rose by 0.03 per cent to 100.20.
Updated Date: Apr 03, 2020 10:05:38 IST
COVID-19 Social Distancing: Study suggests 6 feet is not enough, virus can travel up to 20 feet
When can India expect to achieve herd immunity?
International Women’s Health Day 2020: Eight sexual health commandments for every woman to live by
Hypertension: How a hormone called aldosterone may have been the cause of your high blood pressure
Review study suggests vitamin D may not be a predictor of COVID-19 deaths, unlike previously thought
Can artificial sunlight kill the COVID-19 causing virus?
Coronavirus Outbreak Updates: 2,091 people test positive for COVID-19 in Maharashtra today; confirmed cases rise to 54,758 in state
Coronavirus Outbreak Updates: Mumbai reports 1,382 new COVID-19 cases; confirmed infections rise to 25,317
Coronavirus Outbreak Updates: Junior assistant in Delhi LG's office tests positive for COVID-19; samples from 40 staff members taken
Coronavirus Outbreak Updates: 459 people test positive for COVID-19 in Pune today, total number of cases rises to 6,153
Coronavirus Outbreak Updates: Railways will partially restore train services from 1 June, says Centre; bookings for 200 trains to begin tomorrow
Coronavirus Outbreak Updates: 267 new COVID-19 patients reported in Rajasthan today, total number of cases rises to 6,494