Fear of a global coronavirus pandemic grew as cases worldwide were higher than in China
|Rupee outperformed on account of lower crude prices and month-end exporter selling. Further, SBI Cards IPO related inflow and strengthening Chinese yuan backed the Rupee. Growing expectations that the US Federal Reserve may cut interest rates to tackle the possible impact of the coronavirus weighed on the greenback globally. Domestic equities ended in red for the fifth consecutive session, closing with 0.4% cut tracking weak global cues. The benchmark bond yields rose by 3bps at 6.38%. The yen was among the top performers against USD as investors are flocking to safe-haven assets. Fear of a global coronavirus pandemic grew after reports said the daily number of infections worldwide was higher than in China. The pound remained under pressure on concerns whether the UK government will struggle to increase public spending to support the economy. EURUSD continues to push higher in a recovery that began last week and gain is attributed to a weaker dollar.
USDINR CHART (Daily Chart)
Benchmark indices ended lower for the fifth consecutive session but recovered from the day's low in the final hour of trade. The global market got impacted as new coronavirus cases outside China exceeded those in China for the first time. The focus now shifts towards tomorrow's crucial Q3FY20 India's GDP data. At close, the Sensex was down 143 points at 39746, while Nifty was down 45 points at 11633.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.