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Rupee Falls Below 76 Amid Global Corona Fear

Rupee Dollar

Indian rupee today fell sharply against the US dollar amid a selloff in domestic equity markets, increased global risk-off sentiment and broad strength in the greenback.

The likelihood of a possible second wave of the coronavirus infections in the US, along with the Fed’s grim growth outlook for the year has stoked risk aversion globally, and that has put pressure on the rupee. Still, the rupee is seen facing lot of resilience around 76.60 mark and could reverse this trend unless it does not fall below 76.60

Meanwhile, the 30-share BSE benchmark Sensex was trading 763 points lower at 33008.98 and the broader NSE Nifty fell 214 points to 9758.

Foreign institutional investors were net sellers in the capital market as they sold shares worth Rs 1,311.49 crore on Friday, according to provisional exchange data.

Meanwhile, investor sentiment remained fragile amid rising coronavirus cases across the world. India saw a jump of over 11,000 cases for the third consecutive day on Monday, taking the total number of infections to over 3.32 lakh, while the death toll rose to 9,520 with 325 more fatalities, the Health Ministry said.

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