<p> The Indian rupee resumed its downward journey after a day's hiatus on Friday, plummeting by 54 paise to 73.87 against the US dollar as coronavirus-panicked investors assessed deteriorating financial markets.</p>.<p>At the interbank foreign exchange, the domestic currency started the session with a massive plunge at 73.94 to the US dollar. It went on to hit a day's low of 74.08 before staging a recovery. The rupee finally settled with a loss of 54 paise at 73.87 a dollar.</p>.<p>The Indian unit had clocked its first gain after falling for five sessions on Thursday.</p>.<p>On a weekly basis, the rupee has lost 163 paise or 2.25 per cent.</p>.<p>Global crude oil benchmark Brent Futures dropped 4.30 per cent to USD 48.02 per barrel.</p>.<p>Oil prices extended losses on reports that Russia wants to delay deeper output cuts recommended by its OPEC allies.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.86 per cent to 95.98.</p>.<p>Volatility continued to grip the markets amid investor concerns over the global coronavirus outbreak.</p>.<p>On the domestic equity market front, the 30-share BSE Sensex settled 893.99 points or 2.32 per cent lower at 37,576.62.</p>.<p>Likewise, the broader NSE Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.</p>.<p>"Rupee depreciated sharply by more than 2.5 per cent to hit a 17-month low this week as investor sentiments remained fragile amid escalating worries over the impact of rapidly spreading coronavirus globally," Rahul Gupta, Head of Research - Currency, Emkay Global Financial Services, said.</p>.<p>However, the fall was cushioned due to possible intervention of the RBI, he said.</p>.<p>Going forward market participates will have a close eye on any possible intervention/update by the RBI or the government, Gupta said adding that on upside crucial resistance lies at 74.47 (all-time low) and if the rupee consistently trades above 74.47 then 75.0-75.50 is expected. </p>
<p> The Indian rupee resumed its downward journey after a day's hiatus on Friday, plummeting by 54 paise to 73.87 against the US dollar as coronavirus-panicked investors assessed deteriorating financial markets.</p>.<p>At the interbank foreign exchange, the domestic currency started the session with a massive plunge at 73.94 to the US dollar. It went on to hit a day's low of 74.08 before staging a recovery. The rupee finally settled with a loss of 54 paise at 73.87 a dollar.</p>.<p>The Indian unit had clocked its first gain after falling for five sessions on Thursday.</p>.<p>On a weekly basis, the rupee has lost 163 paise or 2.25 per cent.</p>.<p>Global crude oil benchmark Brent Futures dropped 4.30 per cent to USD 48.02 per barrel.</p>.<p>Oil prices extended losses on reports that Russia wants to delay deeper output cuts recommended by its OPEC allies.</p>.<p>The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.86 per cent to 95.98.</p>.<p>Volatility continued to grip the markets amid investor concerns over the global coronavirus outbreak.</p>.<p>On the domestic equity market front, the 30-share BSE Sensex settled 893.99 points or 2.32 per cent lower at 37,576.62.</p>.<p>Likewise, the broader NSE Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.</p>.<p>"Rupee depreciated sharply by more than 2.5 per cent to hit a 17-month low this week as investor sentiments remained fragile amid escalating worries over the impact of rapidly spreading coronavirus globally," Rahul Gupta, Head of Research - Currency, Emkay Global Financial Services, said.</p>.<p>However, the fall was cushioned due to possible intervention of the RBI, he said.</p>.<p>Going forward market participates will have a close eye on any possible intervention/update by the RBI or the government, Gupta said adding that on upside crucial resistance lies at 74.47 (all-time low) and if the rupee consistently trades above 74.47 then 75.0-75.50 is expected. </p>