India: Rupee Crashes Against Dollar As Coronavirus Continue to Spook Markets

Published March 12th, 2020 - 08:54 GMT
India: Rupee Crashes Against Dollar As Coronavirus Continue to Spook Markets
Domestic stock markets nosedived to a 30-month low as the benchmark index Nifty 50 slid below the 10,000 mark tracking global markets. (Shutterstock)
Highlights
Sensex plunges over 1,700 points, Nifty below 10,000.

The rupee dropped by 82 paise to hit 74.50 against the dollar in early trade on Thursday, amid sharp losses in global markets after the US imposed a temporary ban on travel from Europe to fight the coronavirus pandemic.

Against the UAE dirham, the rupee was trading at 20.20 at 7:45 am (UAE time), according to XE.com.

Domestic stock markets nosedived to a 30-month low as the benchmark index Nifty 50 slid below the 10,000 mark tracking global markets.

Indian rupee slips against dollar, touches 20.25 vs UAE dirham on coronavirus scare (KT23507312.PNG)

Sensex plunges over 1,700 points, Nifty below 10,000

The BSE Sensex plummeted over 1,700 points on Thursday tracking similar cues in the global markets after the World Health Organization (WHO) declared coronavirus as a global pandemic.

All Asian indices also were trading in red. WHO declared the disease a pandemic on Wednesday following which the Dow Jones Industrial Average also slumped significantly.

At 9.27 am, the Sensex was trading at 33,943.02, lower by 1754.38 or 4.91 percent from its previous close of 35,697.40

It opened at the intra-day high of 34,472.50 and has so far touched a low of 33,876.13 points.

The Nifty50 on the National Stock Exchange was trading at 9,938.80, lower by 519.60 points or 4.97 percent from its previous close.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of Covid-19 cases across the world has increased.


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