Rupee plummets 43 paise to settle at all-time low of 76.87 against US dollar

April 16, 2020 03:11 pm | Updated 03:11 pm IST - Mumbai

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against a basket of currencies./ File photo

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against a basket of currencies./ File photo

The Indian rupee tanked 43 paise to settle at an all-time low of 76.87 (provisional) against the US dollar on Thursday, amid rising concerns over COVID-19-led economic slowdown.

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against a basket of currencies as investors fled to safe haven greenback amid weakening risk appetite in the markets.

 

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At the interbank foreign exchange, the rupee opened weak at 76.75, and during the day lost further ground to settle at 76.87, registering a fall of 43 paise over its previous close.

During the session, the rupee moved between 76.68 and a low of 76.87 against the dollar.

On Wednesday, the rupee had settled at 76.44 against the greenback.

Besides, investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

Brent crude futures, the global oil benchmark, rose 1.17 per cent to USD 28.18 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth ₹1,358.66 crore on Wednesday, as per provisional data.

Domestic bourses were trading on a positive note with benchmark indices Sensex trading 334.06 points higher at 30,713.87 and Nifty up by 90.25 points at 9,015.55.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.29% to 99.75.

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