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INR vs USD: Rupee Gains By 21 Paise to 72.03 Against Dollar

INR vs USD Today: The Indian rupee rose by as much as 21 paise to touch 72.03 against the US dollar on Monday. After starting the session at 72.09, the rupee gained further ground against the greenback during the session amid a rebound in equity markets following six sessions of sharp losses.

The rupee was trading at 72.05 against the US currency (INR vs USD) during Monday’s session. The 10-year government bond yield (G-Sec) was at 6.35% at the time, in contradiction of its previous close 6.37%.

Domestic equity markets jumped with benchmark index S&P BSE Sensex adding more than 750 points during the day, rebounding after six straight days of losses tracking global peers amid concerns about the impact of the coronavirus outbreak on the world economy.

Coronavirus Effect on World Economy

Sentiment remained cautious as investors checked the cruelty of the coronavirus disease and its impact on global business, analysts said.

As uncertainty is spooking the investors and global volatility is at its highest levels, we might see some sharp moves in the markets driven by panic, said CR Forex Advisors, a forex advisory firm.

The death toll of coronavirus create mess on the global economy guided financial markets into a tailspin last week, and raised expectations of coordinated monetary policy action by central banks to ease the fallout.

Trillions of dollars have been washed out of equity markets with worldwide shares posting their highest weekly fall since the 2008 financial crisis.

The number of new coronavirus kills passed 3,000 worldwide on Monday, as China reported 42 more deaths.

Crude oil prices rebounded more than $1 a barrel after hitting Monday’s multi-year depths earlier, as expectations of deeper OPEC supply cuts and central bank support offset worries about coronavirus outbreak damage to demand. Brent crude, the global benchmark for crude oil prices were trading at $51.31 a barrel, up 3.3% compared with the previous close.

Meantime, Foreign Institutional Investors (FIIs) appeared net sellers on the capital market, receiving a net Rs 1,428.74 crore on Friday, as per provisional NSE data.

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