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Mumbai: The rupee moved by 56 paise to a fresh 17- month low of 74.24(provisionary) versus the United States currency on Thursday due to strong dollar need as financiers pruned riskier bets amidst coronavirus pandemic fanning economic crisis fears.
Indian equity markets suffering their worst single-day losses and stock indices slipping into bear territory also struck the rupee sentiment.
At the interbank Forex (Click Here For Best Forex Techniques) market, the rupee was trading down by 56 paise at 74.24 in the closing session.
The local system opened lower at 74.25 versus last close of 73.68 and fell further by 82 paise to 74.50 after the World Health Organization declared the new coronavirus (COVID-19) a pandemic.
Following the WHO announcement, United States President Donald Trump suspended all travel from Europe, leaving out the UK, to the United States for the next 30 days to stop the spread of the infection.
The United States response increase worries of worldwide economic crisis, drowning the dollar and petroleum.
Brent unrefined futures, the international oil benchmark, fell 5.53 percent to USD 33.81 per barrel.
Foreign institutional investors (FIIs) stayed net sellers in the capital markets, as they offered shares worth Rs 3,51538 crore on Wednesday, as per provisionary data.
The Reserve Bank likewise revealed measures including US dollar buy/sell swaps of USD 2 billion to infuse liquidity in the forex markets and fulfill dollar need.
According to market data, foreign financiers have actually withdrew more than Rs 21,000 crore from Indian capital markets in this month up until now.
After nosediving over 3,20430 points on across-the-board selling, the 30- share BSE Sensex closed 2,91926 points or 8.18 per cent lower at 32,77814
Similarly, the wider NSE Nifty quit the 9,600 level, slumping 868.25 points or 8.30 per cent to close at 9,59015
This was the most significant drop for the criteria in outright terms, eclipsing their previous record one-day fall on Monday (March 9).
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