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Rupee slumps 31 paise to 73.43 against USD amid rising Covid-19 cases

Mon Apr 05 2021

On Sunday, India recorded an all-time high infections of 1,03,558 cases in a day

The Indian rupee slumped 31 paise to 73.43 against the US dollar in opening trade on Monday amid concerns over rising COVID-19 cases.

Besides, losses in domestic equity markets also weighed on investors' sentiment.

At the interbank forex market, the domestic unit opened at 73.38 against the US dollar, then fell further to 73.43, registering a decline of 31 paise over its previous close.

On Thursday, the rupee had settled at 73.12 against the American currency.

The forex market was closed on April 2, on account of Good Friday.

The Indian rupee started weak this Monday and may weaken further against the dollar on concerns over India's economic outlook following a further increase in coronavirus infections, Reliance Securities said in a research note.

India recorded an all-time high of 1,03,558 coronavirus infections in a day pushing the nationwide Covid-19 tally to 1,25,89,067, according to the Union Health Ministry data updated on Monday.

Asian currencies were range-bound, and volumes were lower than usual with China, Hong Kong, UK and Australian markets shut, the note said.

The major driving factor this week will be the Reserve Bank of India’s (RBI) monetary policy meeting.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 92.99.

Source: www.thehindubusinessline.com

 

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