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  • Pre Session Commentary - Detailed News

Indian Rupee: Await Cues From Union Budget Amid China Virus Outbreak
31-Jan-20   08:57 Hrs IST

Rupee could recover some of the sharp losses registered in the previous session on Friday, 31 January 2020, but gains are likely to be limited amid China worries as the World Health Organization declared a global health emergency on Thursday as the coronavirus outbreak spread well beyond China, where it emerged last month. Moreover, market participants are also assessing the economic implications of the coronavirus outbreak and awaiting cues from the Union Budget.

The Indian rupee lost 22 paise to close at a three-week low of 71.49 on Thursday tracking heavy sell-off in domestic equities amid rising concerns over the outbreak of coronavirus. Most Asian currencies declined after the US Federal Reserve kept its key policy rates steady. The domestic currency opened weak at 71.39 a dollar. It finally settled for the day lower by 22 paise at 71.49, a level not seen since January 8. On Wednesday, the local unit had closed at 71.27 against the greenback. Foreign institutional investors sold equities worth Rs 962.28 crore on a net basis on Thursday, according to provisional exchange data. The 10-year Indian government bond yield was at 6.56 per cent.

The domestic market corrected sharply on Thursday amid weak global cues triggered by rising death toll from coronavirus spreading in China. Meanwhile, India on Thursday reported its first case of the novel coronavirus in Kerala. The patient, a student of the China's Wuhan University, is stable and in isolation at a hospital, a statement from the Health Ministry said. The barometer BSE S&P Sensex fell 284.84 points or 0.69% to 40,913.82. The Nifty 50 index lost 93.70 points or 0.77% to 12,035.80.

Shares in Europe and Asia fell across the board on Thursday as worries about the spread of a new virus from China sent investors heading for safe instruments like gold & bonds. US stock market ended little changed on Wednesday, with better-than-expected results from blue-chip names, including Apple, offset by lingering concerns related to China's coronavirus outbreak.

The dollar struggled to find its footing Thursday, amid mixed U.S. economic data and a sharp decline against the pound after the Bank of England held rates steady in the wake of firmer economic data. The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.18% to 97.64.

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