Rupee tumbles to 16-month low following coronavirus cases

Upon the sudden arrival of multiple cases of coronavirus in the country, Rupee rates have fallen to a 16-month low of 73.3.

The Indian Rupee has taken a hit due to the numerous fresh cases of coronavirus were reported across the country. Hitting a 16-month low, the currency closed the day on Tuesday at 73.3 against the US dollar. The rupee has fallen 1.8% in the last five trading days and the RBI has assured investors that it is equipped to take necessary action.

Though domestic stock markets ended with sharp gains, investor sentiment remained fragile amid concerns over the impact of coronavirus. The selling of Indian equities by foreign institutional investors and a stronger dollar weighed on the rupee in recent days.

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