The Indian rupee crossed 75 a dollar on Thursday, responding to the risk-off sentiment in which all currencies witnessed a rout against the greenback, with oil prices crashing amid the deepening coronavirus pandemic.
The rupee, which hit an intra-day low of 75.30, closed at 74.99 a dollar, according to Bloomberg, falling 1.01 per cent. However, the Clearing Corporation of India said the rupee ended the day at 75.12 a dollar.
A thinly traded market is compounding problems for the rupee, as any minor lumped-up demand for the dollar or slight dollar sales by the RBI are changing the course of the exchange rate. “We are in uncharted territory now. All currencies are falling; the rupee is falling too. But the rupee has performed much better than other currencies,” said Satyajit Kanjilal, managing director at Forexserve.
This story is from the March 20,2020 edition of Business Standard.
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This story is from the March 20,2020 edition of Business Standard.
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