Reportedly the rupee on wednesday appreciated by 7 paise to settle at 71.24 against the US dollar following gains in the domestic equity market. Meanwhile forex traders said rupee consolidated in a narrow range as market participants are assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.
Furthermore at the interbank foreign exchange market, the local currency opened at 71.23. During the day, the local unit saw a high of 71.17 and a low of 71.29. The domestic unit finally settled at 71.24, up 7 paise from its previous close and the rupee had settled at 71.31 against the American currency on Tuesday. v K Sharma, Head PCG and capital Markets Strategy, hdfc Securities "Indian rupee gained as risk sentiment recovered amid a rebound in the global and domestic equities. Market players assessing the economic implications of the coronavirus outbreak".
Meanwhile, Australian scientists said on wednesday they have successfully recreated the novel coronavirus in a lab, for the first time outside china, a "significant breakthrough" which they say may help combat the deadly virus that has claimed over 130 lives and infected thousands. Crude prices have seen some moderation in the past few sessions over demand slump amid rising coronavirus cases in china and other regions. Perhaps foreign institutional investors sold equities worth Rs 1,014.27 crore on a net basis on wednesday, according to provisional exchange data.
