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Rupee dives 60 paise to 72.21 against US dollar

Date: 29-02-2020
Subject: Rupee dives 60 paise to 72.21 against US dollar
The Indian rupee plunged by 60 paise to settle at 72.21 (provisional) against the US dollar on Friday, tracking heavy sell-offs in domestic equities and sustained foreign fund outflows. At the interbank foreign exchange market, the local currency opened at 71.90 to the US dollar. During the day, it hit a low of 72.29.

The domestic unit finally settled at 72.21, down 60 paise over its previous close.

Continuing its downward spiral for the sixth straight session, the 30-share BSE Sensex ended 1,448.37 points, or 3.64 per cent, lower at 38,297.29.

This was the benchmark's second-worst drop in absolute terms after August 24, 2015, when it had plunged 1,624.51 points.

Similarly, the broader NSE Nifty sank 431.55 points or 3.71 per cent to end at 11,201.75.

Investor sentiment remained fragile amid sustained foreign fund outflows and concerns over the impact of corona virus outbreak on the global economy, traders said.

China reported 44 more deaths from the novel coronavirus epidemic on Friday and 327 fresh cases. The death toll now stands at 2,788 in mainland China, according to the National Health Commission.

Besides, market participants were cautious ahead of the release of third quarter GDP number, traders said.

Source: moneycontrol.com

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