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#Rupee: The Indian rupee tumbled by 70 paise to close at 75.59 against the US dollar on Monday as concerns around coronavirus impact on the economy continued to hurt sentiment globally.
▶ ASIA $60 Million ADB Loan to Aavas to Boost Women’s Access to Housing in India: The Asian Development Bank (ADB) has signed an agreement to lend up to $60 million in Indian rupee equivalent to Aavas Financiers Limited, a housing finance company in… ADB
"INR-USD may breach 80 only if the virus disrupts the economy beyond a quarter. The concerns on the depreciation of the rupee are not significant on a relative basis since dollar outflows are rampant across the developing nations," Acuite Ratings said.
cc: @mosesharding for his valuable comments on the correlation between US dollar index and USD-INR.
USD-INR movement is more a function of RBI intervention (RBI buying / selling of USD); FPI (debt & equity) and FDI flows; & US-India interest rate differential. As can be observed, there is low correlation between US dollar index (DXY) and USD-INR b/w 2003 and now. @rocky4arora
The Indian Rupee touched a fresh record low of 76.32 per dollar on March 23 and ended the week 39 paise higher at 74.85 on March 27 against its March 20 closing of 75.24.
Rupee: The Indian rupee surged by another 78 paise to 75.16 (provisional) against the US dollar on Thursday after Finance Minister Nirmala Sitharaman announced various welfare measures to tide through the coronavirus crisis.
US Dollar Index gives up gains, Indian Rupee in one of its best single day upmoves, up 1.3% today Worst for the markets should be behind us. Base building could be a few weeks process.
The Indian rupee slipped further by 95 paise to 76.15 against the US dollar in opening trade on Monday amid sharp rise in #coronavirus cases in the country. Follow LIVE Updates on the #CoronavirusOutbreak:
As Indian rupee slides to a record low against the US dollar, this is unlikely to cheer the Indian software services providers owing to the #COVID19 outbreak #coronavirus #coronavirusindia #CoronavirusOutbreak
On March 19, the Indian Rupee nosedived to a new historic low at 75.00. In the calendar year 2020, the Rupee has eroded 5 percent of its value against the US dollar ($), gyrating from best performing Asian currency to one of the worst performers.
Indian rupee settles 8 paise lower at 75.20 (provisional) against US dollar