A sharp fall in the value of rupee has led to an increase in the rupee by 75 per U.S dollar
On 19th March a sharp fall has been experienced in the value of rupee over the U.S dollar and the value of rupee per dollar has reached 75.31 compared to the previous closing of 74.24.
On the same day Dollar has also surged against various other currencies of Asian countries when the investors sold bonds, currencies and stocks in the Asian market in order to pile into the world’s reserve. Although after opening the day at 74.96 the fluctuation in the rate was only in the range of 74.77 and 75.31. The closing rate of rupee against dollar for the day was marked at 74.99.
The rupee has plummeted by trading of Indian bonds and stocks by oversees investors in spite of broad strength of dollar. After the foreign investors started dumping rupee debt and after the RBI disappointed the financial markets by restraining from the announcing of interest rate cuts for the current year there has been a rise in the Indian bonds. According to a lead analyst in the Yes securities, Indian rupee has been remaining under immense pressure as a result of the widespread corona epidemic.