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Rupee opens 45 paise down at 75.30 against dollar

Date: 30-03-2020
Subject: Rupee opens 45 paise down at 75.30 against dollar
NEW DELHI: The rupee on Monday opened 45 paise down at 75.30 against the US dollarNSE 0.33 % amid looming concerns over rising coronavirus cases and outflows by foreign institutional investors.

Earlier, the domestic unit on Friday slipped over 10 paise after the RBI decided to cut rates by 75 basis points and also cut its reverse repo rate by 90 basis points. The RBI said it has decided to retain its accommodative stance as long as necessary to revive growth and mitigate the impact of coronavirus on the economy, while ensuring that inflation remains within the target.

The RBI permitted banks to provide a three-month moratorium on all term loans and said it stands ready to provide necessary liquidity and take all measures essential to preserve financial stability in the domestic economy.

In the recent past volatility for the greenback has been increasing and RBI has been very active in the market. Latest the country's foreign exchange reserves fell by a whopping $11.98 billion to $469.909 billion in the week to March 20 as the Reserve Bank continued to supply dollars into the market to stem fall in the rupee.

“We expect the rupee (Spot) to quote in the range of 75.50 and 76.50,” brokerage firm Motilal Oswal Financial Services said in a report.

Dollar remained under pressure against its major crosses after final GDP for Q4 remained unchanged compared to previous quarter. This week, market participants will be keeping an eye on private payrolls and non-farm payrolls number. Weaker-than-expected number could extend losses for the dollar.

Source:- economictimes.indiatimes.com

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