Rupee continues its slide: Nears 75 a dollar, forcing an RBI intervention
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The Indian rupee touched almost 75 a dollar, a record low, in morning trade as equities witnessed a rout on Coronavirus fear.
At 10 40 a.m., the partially convertible currency was trading at 74.95 a dollar, from its previous close of 74.26 a dollar. The RBI let the rupee to depreciate, but intervened once it reached the 75 mark to bring it down below the level, currency dealers say.
A thinly traded market is compounding problem for the rupee as any minor lumped up demand for dollar, or slight dollar sales by the RBI is changing the course of the exchange rate.
Rupee’s previous record low was 74.50 a dollar.
“We are in uncharted territory now. Looking for a resistance level is meaningless, but 75 is the psychological level that the RBI may want to protect,” said a currency dealer with a foreign bank.
Rupee’s loss is expected as the dollar index, which measures the greenback’s strength against major global currencies crossed 100 as funds sought safe haven investment in US treasury.
Coronavirus has claimed nearly 9,000 lives so far globally, and infection in India is on the rise, official numbers reveal.
Meanwhile, India’s bond yields also climbed up as foreign investors sold their holding in local bonds. The 10-year bond yield was trading at 6.42 per cent, up from its previous close of 6.29 per cent even as the RBI announced secondary market bond purchases of Rs 10,000 crore on Wednesday to soften the yields. Sensex fell 5.40 per cent, or 1,584 points to trade at 27,285.25.
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