S&P BSE Sensex held at a 3-year low after narrowing losses of as much as 7.5%. FMTNews India
NEW DELHI: India’s rupee weakened to a new low and stocks slumped anew amid a global meltdown in risk assets, with rising number of coronavirus cases locally adding to anxiety. Sovereign bonds also declined.
Global funds have been seeking the safety of the dollar while fleeing stocks, bonds and other currencies, emulating a pattern that was the hallmark of the 2008 global financial crisis, as countries and policymakers continue to ramp up measures to contain the virus epidemic. Traders say the Reserve Bank of India has been using its record foreign reserves to stem the rupee’s decline. The authority was cited selling dollars via state-owned banks in early trade via state-run banks, traders said.
Stocks recovered from the day’s lows amid optimism Prime Minister Narendra Modi may add to measures taken to contain the virus and soothe investor sentiment in his address to the nation Thursday evening.“There are sectors that are vulnerable like aviation and hospitality and whenever Mr Modi speaks there are expectations that something constructive would come out of it,” said Gaurang Shah, vice president at Geojit Financial Services Ltd. in Mumbai.
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