Crude to snuff gains from weak rupee, muted global demand to hurt exports

Tourism and hospitality, auto and aviation could see a demand crunch amid coronavirus; earnings from rupee depreciation to export-driven sectors such as IT and pharma could be limited

The coronavirus epidemic has not only shattered confidence of markets globally, including India (BSE Sensex has plunged by 1,336 points in the last four trading sessions), but has also hurt crude oil prices and the rupee. While the latter has lost over 1.5 per cent or Rs 1.11 against the US dollar in this week so far, crude oil prices are down about 22 per cent since the start of 2020.

These two parameters are key for countries like India, which imports around 80 per cent of its crude oil requirement. In fact, some stocks in sectors like paints, information