- The rupee is down over 7% so far this year against the US dollar
- Today, Indian stock markets also ended flat amid volatile trade.
The Indian rupee today fell 14 paise to settle at 76.54 against the US dollar amid a broad-based strengthening of the greenback against other currencies. Opening at 76.46 a dollar, the rupee traded in the range of 76.41 to 76.69 to a dollar. In comparison, the rupee had settled at 76.40 against the US dollar in the previous session.
The US dollar strengthened against its key rivals with the dollar index rising 0.15% to 99.985 today.
So far this year the rupee is down about 7.5% against the US dollar, weighed down by outflows from Indian markets. Earlier this month, the rupee had an all-time low of 76.88 against the US dollar.
Today, Indian stock markets also ended flat amid volatile trade.
In the currency markets, the dollar gained broadly as the concerns about global growth boosted the safe-haven appeal of the greenback.
Foreign portfolio investors (FPIs) have withdrawn a net ₹12,650 crore from the Indian capital markets in April so far amid the coronavirus crisis.
Between April 1 to 17, FPIs pulled out a net sum of ₹3,808 crore from equities and ₹8,842 crore from the debt segment, the depositories data showed.
The total net outflow stood at ₹12,650 crore.
However, April has been a tad better compared to March, when overseas investors had withdrawn a record ₹1.1 lakh crore on a net basis from the Indian markets (both equity and debt).
Last week, Reserve Bank of India unveiled a slew of new measures on Friday to help banks and companies cope with the economic strain from the coroanvirus outbreak. He didn’t announce bond purchase measures, but cut the reverse repurchase rate to direct funds toward lending.
(With Agency Inputs)
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