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Rupee recovers from day's low, trades at 72.07 per dollar

Date: 29-02-2020
Subject: Rupee recovers from day's low, trades at 72.07 per dollar
The Indian rupee has recovered from its day's low but trading lower by 51 paise at 72.07 per dollar, amid selling seen in the domestic equity market due to worries over Coronavirus fears.

It touched an intraday low of 72.27 per dollar.

It opened lower by 38 paise at 71.93 per dollar versus the previous day's close of 71.55.

The rupee had ended February 27 at 71.55 against the dollar amid easing crude prices and weakening of the greenback overseas.

According to the forex traders, the rupee consolidated in a narrow range as the gains were restricted by sustained foreign fund outflows and robust selling in domestic equities.

Oil prices fell for the sixth straight session on February 28 and were on track to a 12% weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand.

The dollar nursed losses on February 28 after its worst day against the euro in nearly two years, as the global spread of the coronavirus fired up expectations for a US rate cut and pushed the hunt for yield elsewhere.

Source: moneycontrol.com

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