Indian rupee has fallen sharply

Shubham Jaiswal ([email protected])

Indian rupee fell sharply today amid broad weakness in other currencies, and a big selloff in domestic equities. After opening at 75.71 per US dollar, the rupee to 75.81 at day’s low. In comparison, the rupee had closed at 75.10 per dollar in the previous session. Forex market was closed on Friday on account of Maharashtra Day. The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.38% to 99.47.

Asian currencies broadly slipped against the US dollar on growing tensions between the US and China over the origin of the corona virus. US Secretary Mike Pompeo said on Sunday there was a significant amount of evidence that the new corona virus emerged from a Chinese laboratory. His comments come days after US President Donald Trump threatened to impose new tariffs on Beijing in retaliation over the corona virus outbreak.

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