New Delhi: The rising cases of Coronavirus and the effects of the chaos in the stock markets of the whole world are being seen on the Indian currency rupee. The rupee has crossed 75 per dollar for the first time on the previous trading day. This is the lowest level of the rupee ever. This means that such a big fall in the rupee has never been seen in so many years.
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However, the rupee had closed at 74.26 against the dollar on Wednesday but the fall in rupee is still going on. During trading on Thursday, the rupee once again crossed 75 rupees per dollar. According to traders, there is uneasiness among the investors as the domestic economy along with other countries of the world is seen to be engulfed in deep crisis due to Coronavirus epidemic. The concern of traders has increased due to the steep fall in the domestic equity market and the continuous exit of foreign funds.
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Usually, when the international economy is threatened or equity markets fall, people prefer to invest in gold, which increases its price. At this time, this theory is proving absolutely wrong. Gold has fallen about 7% in 1 week and silver by more than 22%.