Rupee recovers but trades lower at 73.65 per dollar
The rupee snapped its four-session losing run on Thursday to close 6 paise higher at 73.33 against the US dollar.
March 06, 2020 / 02:52 PM IST
The Indian rupee has recovered from the low but still trading lower by 30 paise at 73.63 per dollar amid huge selling seen in the domestic equity market.
Rupee opened lower by 61 paise at 73.94 per dollar versus previous close 73.33. It touched an intraday low of 74.08 per dollar.
The Sensex was down 805.66 points or 2.09% at 37664.95, and the Nifty was down 256.50 points or 2.28% at 11012.50.
The rupee snapped its four-session losing run on Thursday to close 6 paise higher at 73.33 against the US dollar amid hopes that efforts by countries and global agencies would offset financial damage from the novel coronavirus outbreak.
Besides, easing crude oil prices and weakness in the dollar vis-a-vis other key global currencies also helped the rupee build resistance.
Gold prices inched higher on Friday and were poised for their biggest weekly gain since October 2011, as mounting worries over the economic fallout from the fast-spreading coronavirus drove investors towards the safe-haven metal.
Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices.