Currency

Rupee opens sharply lower against dollar

Updated : January 27, 2020 09:10 AM IST

The rupee started at 71.51 per dollar against Friday's close of Rs 71.32.

Global stocks tumbled as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak.

The Indian rupee opened Monday's session on a sharply lower note against dollar. The domestic currency started at 71.51 per dollar against Friday's close of Rs 71.32.

Global stocks, meanwhile, tumbled as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes.

The ability of the coronavirus to spread is getting stronger and infections could continue to rise, China's National Health Commission said on Sunday, with more than 2,700 people globally infected and 80 in China killed by the disease.

Oil prices slumped a further 2 percent to multi-month lows as the rising number of cases of the new China virus and city lockdowns deepened concerns about demand for crude, even as Saudi Arabia's energy minister sought to calm the market.

Brent crude was last seen down by $1.12 a barrel, or 1.9 percent to $59.57.

(With inputs from Reuters)

Rupee opens sharply lower against dollar

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