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Rupee Trades Higher At 76.04 Per US Dollar

Roshni Agarwal

Indian rupee in Tuesday's trade opened higher by 22 paise at 76.07 per dollar against previous close of 76.29 per dollar.

On Monday, given the recessionary concerns emanating worldwide due to coronavirus outbreak and weak equities, Indian currency slipped below 76 mark for the first time ever and touched an all time low level of 76.32 per dollar.

The sharp depreciation in the currency has also triggered massive outflows from the domestic equities. "The risk aversion is the primary reason because of which the domestic currency has been on a downwards spiral. In this backdrop, further decline is in sight for the Indian rupee, where it seems inclined to traverse lower towards levels of close to 77-77.50 in coming days", Sugandha Sachdeva, VP-Metals, Energy & Currency Research, Religare Broking said.

On Tuesday, US crude oil futures gained close to 3% as the US administration initiated efforts to coordinate with Saudi Arabia for stabilizing oil prices.

In the bond market, the yield on 10-year benchmak bond increases to 6.38%.

Meanwhile, as suggested by gains in SGX Nifty, Indian indices opened above 8000 and Sensex gained as much as 1400 points.

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