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Rupee Slips Further as Fresh Coronavirus Cases in India

The Indian rupee slips further on Wednesday as it slipped further in worries over the government confirming new coronavirus cases in India. The domestic currency (rupee) was at 73.44 against the US currency (dollar), down 15 paise from the previous closing mark, on Wednesday noon.

In the morning session, the rupee opened at 73.08 and then gained further ground to touch a high of 72.90 against the greenback. However, as the government confirmed 28 cases of coronavirus affected people in India, hesitation gripped the markets with the rupee hitting an intra-day low of 73.63 (rupee to dollar rate today) in the afternoon trade.

On Tuesday too, the currency opened on a positive note before losing ground, rapidly to close at a 16-month low of 73.29. The rupee (INR vs USD) value has depreciated more than 1.5% in the last three sessions.

Meanwhile, RBI said on Tuesday that prepared for appropriate action for the orderly functioning of financial markets, to maintain market confidence and preserve financial stability.

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