Indian rupee plunges to fresh historic low of 20.79 per dirham – ZAWYA

Indian rupee plunges to fresh historic low of 20.79 per dirham – ZAWYA

Trading in Indian equities was curbed in the first hour of Monday's session as the main indices plunged 10 per cent, and resumed 45 minutes later.. The Indian stocks and rupee suffered a historic rout on Monday as investors fled the market in a panic-selling spree amid widespread business disruptions and lockdown of several districts across the country.. Global financial markets were also hit hard on Monday as nations resorted to lockdowns, threatening to overwhelm policymakers' frantic efforts to cushion what is likely to be a deep global recession.. In the wake of the market and currency plunge, the Reserve Bank of India said it would conduct term repo operations of Rs1 trillion in two equal tranches on March 23 and March 24 in another move to ensure adequate liquidity in the system.". Currency analysts said the Indian currency remained under mounting pressure amid huge outflows from the capital market..