Sell-off storm: Rupee hits record low as sentiment worsens

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Published: April 9, 2020 4:00:09 AM

Meanwhile, equities rose in early trade as Tuesday’s relief rally continued but gave up all their gains. Foreign

The rupee crashed 70 paise to hit a record low of 76.34 to the dollar on demand for the greenback. The rupee crashed 70 paise to hit a record low of 76.34 to the dollar on demand for the greenback.

Stocks, bonds and the currency all sold off on Wednesday with the sentiment worsening as the coronavirus pandemic spread further.

The rupee crashed 70 paise to hit a record low of 76.34 to the dollar on demand for the greenback. The benchmark yield soared to the highest levels in almost eight weeks ahead of the Centre’s borrowing plan for 2020-21 and have now risen 30 bps in the three sessions to Wednesday.

On Tuesday several states had opted not to borrow as buyers demand high yields.

Meanwhile, equities rose in early trade as Tuesday’s relief rally continued but gave up all their gains. Foreign investors, who have been big sellers-— pulling out $6 billion in the January-March period, are now nibbling at stocks, data shows.

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