Domestic forex markets remained shut on Wednesday on account of Chhatrapati Shivaji Maharaj Jayanti. On Tuesday, the rupee had declined by 22 paise to close at a nearly three-week low of 71.54 against the US dollar, as concerns over the economic fallout from coronavirus outbreak continued to roil foreign exchange (forex) market sentiment. The money markets will resume trading on Thursday, and will again remain shut the next day for the Mahashivratri holiday.
Meanwhile, domestic stock markets rebounded from two-week lows on Wednesday, with the S&P BSE Sensex index jumping more than 400 points in intraday trade and the broader NSE Nifty benchmark moving back above the 12,100 mark amid gains across sectors.
Finance Minister Nirmala Sitharaman said on Tuesday that the government would announce measures to tackle the financial fallout from the coronavirus outbreak amid a fall in new cases in China.
The finance minister met more than 200 business leaders to assess the impact of the coronavirus on Tuesday, and said the government would unveil measures to help businesses. However, she did not elaborate on what measures the government would take to limit the impact.
On that day, the benchmark indices closed at their lowest levels recorded since February 4, declining for the fourth session in a row.
The capital markets will also be shut on Friday on account of Mahashivratri.
In March, the forex markets will remain closed for two days for the Holi and Navaratri festivals on the 10th and 25th day of the month respectively.