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Forex News: Indian Rupee Drops To 16-month Low Against U.S.

Indian Rupee Drops To 16-month Low Against U.S. Dollar

03/04/2020 - 01:42:00 (RTTNews)

(RTTNews) - The Indian rupee declined against the U.S. dollar in the morning session on Wednesday, as the G-7 statement offered no specifics and a surprise inter-meeting 50 basis point interest-rate cut from the Federal Reserve did little to soothe investor fears over the coronavirus's widening fallout.

The benchmark S&P BSE Sensex slid 227.92 points, or 0.59 percent, to 38,395, while the broader NSE Nifty index was down 55.05 points at 11,248.

The Indian rupee hit 73.88 against the greenback, its lowest level since October 2018. At yesterday's close, the pair was valued at 73.41. Next immediate downside target for the rupee is likely seen around the 74.5 level.

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