The Indian Rupee touched an all-time low against the Dirhams. 21.05 is the latest marked record due to extremely week domestic equities. Coronavirus imposed massive pressure on the rupee due to the economic slowdown and heavy selling of domestic equities.
The strengthening of the dollars in the international market cause another weight on the rupee and had to settle for 53 paise lower at 76.13 (provisional) against the dollar.
Though the world economy is under crisis, Indian Rupee came down as the currency is still under pressure with the economic instabilities in March especially in the service sector. The current lock-down is until April 14th and if extended as the cases increased, the market is going slip into contraction and inflect the economy. On a weekly basis, the currency has depreciated by 124 paise.
“Rupee remained under pressure following broad strength in the dollar and as FIls continue to remain net sellers in the equity and debt segment”, said Guarang Somaiyaa, Forex & Bullion Analyst.
Read More: Khaleej Times