<p>The Indian rupee tanked to close at a new all-time low as it neared the 77-mark amid the foreign fund outflow from the Indian markets.</p>.<p>At the interbank forex market, the domestic currency opened on a weaker note and continued to tumble throughout the day. At the close of the day's trade, the rupee was down 42 paise at 76.86 against green-back.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-lockdown-in-focus-as-indias-tally-goes-past-5800-global-toll-crosses-85000-817763.html" target="_blank">For latest updates and live news on coronavirus, click here</a></strong></p>.<p>The rupee opened weak at 76.75 at the interbank forex market.</p>.<p>Earlier this month, the Reserve Bank of India, in a bid to stop the slide of the Indian Rupee, had trimmed the timings of the currency markets by four hours. However, the move seemed to have not yielded the dividend, as the rupee has lost further 1.2% in six trading sessions since.</p>.<p>On April 3, the Reserve Bank curtailed the currency market timings to 10 am to 2 pm from existing 9 am to 5 pm. These new timings became effective from April 7, 2020, and will continue up to April 17, 2020.</p>.<p>Forex traders said the weakness in the rupee was due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven due to risk aversion.</p>.<p>"Though the yields on government securities eased a tad on account of lower crude prices, corporate bonds continue to remain under pressure. FPIs are currently utilizing only 39% of their eligible limit in corporate bonds and 52% of their limit in government securities. In April so far we have seen $1.2 billion of outflows from domestic debt," IFA Global said in a note. </p>.<p>The rupee had settled at 76.44 against the US dollar on Wednesday.</p>
<p>The Indian rupee tanked to close at a new all-time low as it neared the 77-mark amid the foreign fund outflow from the Indian markets.</p>.<p>At the interbank forex market, the domestic currency opened on a weaker note and continued to tumble throughout the day. At the close of the day's trade, the rupee was down 42 paise at 76.86 against green-back.</p>.<p><strong><a href="https://www.deccanherald.com/national/coronavirus-news-live-updates-lockdown-in-focus-as-indias-tally-goes-past-5800-global-toll-crosses-85000-817763.html" target="_blank">For latest updates and live news on coronavirus, click here</a></strong></p>.<p>The rupee opened weak at 76.75 at the interbank forex market.</p>.<p>Earlier this month, the Reserve Bank of India, in a bid to stop the slide of the Indian Rupee, had trimmed the timings of the currency markets by four hours. However, the move seemed to have not yielded the dividend, as the rupee has lost further 1.2% in six trading sessions since.</p>.<p>On April 3, the Reserve Bank curtailed the currency market timings to 10 am to 2 pm from existing 9 am to 5 pm. These new timings became effective from April 7, 2020, and will continue up to April 17, 2020.</p>.<p>Forex traders said the weakness in the rupee was due to strengthening of the US Dollar against the basket of currencies as investors fled to safe-haven due to risk aversion.</p>.<p>"Though the yields on government securities eased a tad on account of lower crude prices, corporate bonds continue to remain under pressure. FPIs are currently utilizing only 39% of their eligible limit in corporate bonds and 52% of their limit in government securities. In April so far we have seen $1.2 billion of outflows from domestic debt," IFA Global said in a note. </p>.<p>The rupee had settled at 76.44 against the US dollar on Wednesday.</p>
