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On Monday, in the first half of the four-hour session, the rupee value went down by 31 paise – or 0.41 percent in order to stay below the 76 level against dollar on tracking Asian currencies with stress of the COVID-19 infections affecting the global market.
Earlier, the value was 75.84, increased to 75.94. Later, it was 76.12 against the US currency and it was seen trading down 0.37 per cent.
Investors ability for a riskier asset seems bleak with a rise of 2 percent in Domestic equity markets after getting information that the coronavirus cases would increase due to a second wave of infections in China.
During the session, the S&P BSE Sensex index reduced to 33,005.68. It went down by 775.21 points from the previous close, and the broader 50-scrip NSE Nifty benchmark slid to as low as 9,749.15 whereas it was closed at 9,972.90 earlier.
Due to weak domestic equities and sustained foreign fund outflows, the analysts say that rupee value is going to be less. The dollar index that monitors the greenback’s performance against six currencies has reduced trading up to 0.05 percent that was 0.30 percent earlier.
With an increase in coronavirus cases in U.S., it hit the fuel recovery and the International crude oil prices reduced. The global benchmark for crude oil, Brent crude futures that were last seen trading at $38.07 trading down at 1.7 percent.
In India, coronavirus cases have increased and 9,500 people have died. In the entire world, India is the 4th affected country.
By Neha Makhija