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Journalism of Courage
The rupee lost 22 paise to close at a three-week low of 71.49 against the US dollar on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus. Forex traders said most Asian currencies declined after the United States Federal Reserve kept its key policy rates steady.
Moreover, market participants are also assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.
At the interbank foreign exchange market, the domestic currency opened weak at 71.39 a dollar. It finally settled the day lower by 22 paise at 71.49, a level not seen since January 8. On Wednesday, the local unit had closed at 71.27 against the greenback.
Meanwhile, benchmark indices resumed their downward spiral on Thursday as concerns over the coronavirus outbreak in China continued to dampen investor sentiment.
The Street witnessed sell-off as all sectoral indices ended the day in red. The Sensex tumbled 284.84 points to close at 40,913.82 points, while the broader Nifty50 declined 0.77 per cent to 12,035.80 points. —FE witH PTI
