The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country.

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven Greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close.

The rupee had settled at 76.44 against the US dollar on Wednesday.

The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report.

IMF said Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the report noted.

Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy.

The number of cases around the world linked to the new coronavirus has crossed over 20 lakh. In India, nearly 12,000 coronavirus cases have been reported so far.

Brent crude futures, the global oil benchmark, rose 1.44 per cent to USD 28.09 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth Rs 1,358.66 crore on Wednesday, as per provisional data.

Domestic bourses opened on a negative note with benchmark indices Sensex trading 116.89 points lower at 30,262.92 and Nifty down by 36.50 points at 8,888.80.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.46 per cent to 99.91. &nbsp;

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country.

The Indian rupee tanked 36 paise to an all-time low of 76.80 against the US dollar in opening trade on Thursday, tracking weak domestic equities and a sharp rise in coronavirus cases in the country. Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven Greenback amid weakening risk appetite in the markets. The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close. The rupee had settled at 76.44 against the US dollar on Wednesday. The currency could also track local equity markets which started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report. IMF said Thursday that Asia's economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an "unprecedented" toll on the region's service sector and major export destinations, the report noted. Moreover, market participants are also concerned that the sharp rise in coronavirus cases, could weigh on the economy. The number of cases around the world linked to the new coronavirus has crossed over 20 lakh. In India, nearly 12,000 coronavirus cases have been reported so far. Brent crude futures, the global oil benchmark, rose 1.44 per cent to USD 28.09 per barrel. Foreign institutional investors (FIIs) were net buyers in the capital markets, as they bought shares worth Rs 1,358.66 crore on Wednesday, as per provisional data. Domestic bourses opened on a negative note with benchmark indices Sensex trading 116.89 points lower at 30,262.92 and Nifty down by 36.50 points at 8,888.80. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.46 per cent to 99.91.

Rupee tanks 36 paise to all-time low of 76.80 against US dollar in early trade

The rupee appreciated by 26 paise to 70.86 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged.

The US dollar weakened in the overseas market after the Federal Reserve left the key US lending rate unchanged on Wednesday, and said it would be "patient" about making any further changes.

Besides selling of the American currency by exporters, forex traders said fresh foreign fund inflows and positive opening in domestic equities also supported the rupee up move, while surging crude oil prices restricted the uptrend.

The rupee opened strong at 70.92 at the interbank forex market then gained further ground and touched 70.86 amid weakening of the American currency, displaying gains of 26 paise over its last close.

The rupee Wednesday had weakened by just 1 paise to close at 71.12 against the US dollar.

Foreign funds purchased shares worth Rs 130.25 crore from the capital markets on a net basis, and domestic institutional investors also bought shares worth Rs 502.26 crore Wednesday, provisional data showed. 
Brent crude, the global benchmark, was trading higher at per 62.20 barrel up by 0.89 per cent.

Meanwhile, the benchmark BSE Sensex was trading higher by 246.08 points, or 0.65 per cent to quote at 35,822.38 while the NSE Nifty was trading at 10,705.60, higher by 53.80 points, or 0.51 per cent.

The rupee appreciated by 26 paise to 70.86 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged.

The rupee appreciated by 26 paise to 70.86 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged. The US dollar weakened in the overseas market after the Federal Reserve left the key US lending rate unchanged on Wednesday, and said it would be "patient" about making any further changes. Besides selling of the American currency by exporters, forex traders said fresh foreign fund inflows and positive opening in domestic equities also supported the rupee up move, while surging crude oil prices restricted the uptrend. The rupee opened strong at 70.92 at the interbank forex market then gained further ground and touched 70.86 amid weakening of the American currency, displaying gains of 26 paise over its last close. The rupee Wednesday had weakened by just 1 paise to close at 71.12 against the US dollar. Foreign funds purchased shares worth Rs 130.25 crore from the capital markets on a net basis, and domestic institutional investors also bought shares worth Rs 502.26 crore Wednesday, provisional data showed. Brent crude, the global benchmark, was trading higher at per 62.20 barrel up by 0.89 per cent. Meanwhile, the benchmark BSE Sensex was trading higher by 246.08 points, or 0.65 per cent to quote at 35,822.38 while the NSE Nifty was trading at 10,705.60, higher by 53.80 points, or 0.51 per cent.

Rupee gains 26 paise to 70.86 against US dollar as Fed keeps rates unchanged

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Rupee tanks 36 paise to all-time low of 76.80 against US dollar in early trade

Rupee gains 26 paise to 70.86 against US dollar as Fed keeps rates unchanged