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Rupee slumps to record low against the US dollar amid coronavirus scare

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Rajan Nath
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Rupee slumps to record low against the US dollar amid coronavirus scare
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The Indian rupee (INR) on Friday has dropped to a record low against the US dollar in the wake of a global risk-off sentiment due to continuous worries over the economic impact from the novel coronavirus. As per the report, the partially convertible Indian rupee fell to a record low of 74.50 against the dollar before recovering slightly to trade at 74.44 by 9:25 am. publive-image In an order to prevent further weakness for the rupee, the Reserve Bank of India (RBI) on Thursday announced that it will initiate a six-month sell/buy swap to provide liquidity to a foreign market.
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Also Read | Candian PM Justin Trudeau in self-isolation after wife Sophie tested positive for Coronavirus As per the report, the first sell/buy swap auction involving $2 billion will take place on Monday. publive-image Indian Rupee has also remained under the pressure as Foreign Institutional Investor's continued to sell domestic equities and debt. In March, FIIs have sold over $4billion including both equity and debt segment until now. publive-image Meanwhile, the coronavirus pandemic has caused a major threat in India after 77 confirmed cases were reported. Likewise, India reported first death due to coronavirus in Karnataka on Thursday. The Government of India has imposed visa restrictions as precautionary measures. Also, the coronavirus has disturbed the share market, currency, and trade too. -PTC News-
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