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The rupee swung wildly before closing flat at 73.19 against the US currency on Wednesday as the increasing number of coronavirus cases in India kept investors on edge despite a rate cut by the US Federal Reserve. The rupee had opened strong and raced to a high of 72.90 to the US dollar in early trade following weakness in the US currency.
Investors, however, turned nervous following an increase in the number of coronavirus cases in India amid emerging fears that the rate cut would not be sufficient to boost markets due to supply constraints and limit the rate of infection. The rupee gave up gains as the US dollar strengthened, falling to the day’s low of 73.64. After swinging 74 paise between the day’s high and low, the rupee closed flat at 73.19 to the dollar
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