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Rupee opens 12 paise up at 74.15 against US dollar

Tue Mar 17 2020

 

The rupee on Tuesday opened 12 paise higher at 74.15 against the dollar following a steep fall in crude oilNSE 0.57 % prices.

 

Crude oil prices tanked over 10 per cent to below $30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.

 

The local currency on Monday plunged 50 paise to 74.25 against the greenback as concern over the economic fallout from the coronavirus pandemic outweighed the US Fed’s emergency interest rate cut and the RBI’s liquidity enhancing measures.

 

Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking said, “Continued outflows from domestic equities due to compounding concerns about the economic impact of the virus outbreak has led to weakness in the Indian rupee. Various central banks have cut rates and pumped in liquidity to help their economies combat the economic damage amid the coronavirus crisis. This may provide some support to the rupee at least for the immediate short term.”

 

Meanwhile, the Reserve Bank on Monday hinted at a rate cut at the next Monetary Policy Committee (MPC) meeting on April 3 and announced more liquidity-enhancing measures.

 

The RBI announced another round of $2 billion dollar-rupee swap on March 23 and up to Rs 1 lakh crore of long-term repo operations as and when required.

 

Source: https://economictimes.indiatimes.com

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