The rupee on Tuesday wiped out intraday gains and ended on a flat note against the US dollar on Tuesday mirroring sharp declines in equities. Equity indices witnessed a sharp downturn in noon deals after a third case of coronavirus-linked death was confirmed in India. The domestic currency closed at 74.24 against the greenback, a marginal 3 paise stronger than the previous closing mark of 74.27.
The local unit had opened at 74.14 and had advanced to an intra-day high of 73.86, tracking initial gains in the equity markets. The rupee on Monday plunged 50 paise to 74.25 against the greenback as concerns over the economic fallout from the coronavirus pandemic outweighed the US Fed's emergency interest rate cut and the RBI's liquidity enhancing measures.
On Monday, the RBI had announced another round of $2 billion dollar-rupee swap on March 23 and up to Rs 1 lakh crore of long-term repo operations as and when required. Meanwhile, investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the global economy, forex traders said.
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