Rupee Wipes Preliminary Losses, Edges Lower To 74.88 Against Dollar Amid Rising COVID-19 Cases

INSUBCONTINENT EXCLUSIVE:
Rupee closed in red as the second wave of COVID-19 weighed on investor sentiment.Wiping initial gains, the rupee edged lower by one paise
against the US dollar on Tuesday, April 20, to settle at 74.88 amid concerns over the rising COVID-19 cases, that could impact the economic
recovery in the country
It witnessed a low of 74.98
In an early trade session, the domestic unit appreciated 23 paise to 74.64 against the greenback
According to traders, the rupee closed in red as the second wave of COVID-19 weighed on investor sentiment.Meanwhile, the dollar index,
Stock markets up, Asian currencies up against dollar and European currencies also up against the dollar
recording over 2,70,000 daily infections, and the economic effect of the current wave is expected to be significant at least until the end
of June 2021
So far, investors have taken a net USD 615 million out of their portfolios, with the trend indicating that portfolio outflows will continue
domestic equity market front, the 30-share BSE benchmark Sensex ended 243.62 points or 0.51 per cent lower at 47,705.80 and broader NSE
Post yesterday sharp fall today, the Nifty/ Sensex opened with over 150/ 500 points gap up but after a strong opening, it failed to sustain
remain in consolidation phase with high volatility within the range
Immediate support is seen at 14200; volatility to increase as we approach April expiry
Medium-term trend remains extremely positive with consolidation/correction in the short term
Energy, Pharma, Realty stocks are in trading in the buying zone while Metals continue to remain unfavorable for fresh positions,''
net sellers in the capital market on April 19 as they sold shares worth Rs 1,633.70 crore