Forex

Rupee slides 34 paise vs $

PTI Mumbai | Updated on February 24, 2020 Published on February 24, 2020

The rupee fell by 34 paise on Monday to close at a more than three-month low of 71.98 (provisional) against the US dollar, tracking heavy selling in domestic equities and strengthening of the American currency in the overseas market.

Forex traders said investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on global economy.

At the interbank foreign exchange market, the currency opened on a negative note at 71.94. During the day, the domestic currency touched a high of 71.76 and a low of 72.01 and finally settled 34 paise lower at 71.98 against the US currency. This is the lowest closing level since November 13 when the rupee had settled at 72.09.

“In line with other Asian currencies, the rupee declined amid concern over coronavirus outbreak, which is threatening to damage the global economy,” said said VK Sharma, Head PCG and Capital Markets Strategy, HDFC Securities.

Published on February 24, 2020
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