Markets

Rupee plunges by 23 paise, slips below 75 a dollar on new COVID variant worries

Rupee opened at 74.84 and witnessed an intra-day high of 74.82 and a low of 75.16 against the U.S. dollar in a highly volatile trading session.   | Photo Credit: Getty Images

The rupee on Monday plunged by 23 paise to close at 75.12 (provisional) against the U.S. dollar, as investors turned cautious in view of a new variant of COVID-19.

At the interbank foreign exchange market, the local currency opened at 74.84 and witnessed an intra-day high of 74.82 and a low of 75.16 against the U.S. dollar in a highly volatile trading session.

The local unit finally settled at 75.12 a dollar, down 23 paise over its previous close.

On Friday, the rupee had plunged by 37 paise or 0.50% against the U.S. dollar to close at a nearly month's low of 74.89, as investors resorted to risk-off sentiment.

Investor concern resurfaced about lockdowns amid a rise in COVID cases in Europe and a new variant, detected in South Africa.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.11% up at 96.19.

Meanwhile, Brent crude futures, the global oil benchmark, advanced 4.29% to $75.84 per barrel.

On the domestic equity market front, the BSE Sensex ended 153.43 points or 0.27% higher at 57,260.58, while the broader NSE Nifty advanced 27.50 points or 0.16% to 17,053.95.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth ₹5,785.83 crore, as per exchange data.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Jan 22, 2022 9:22:30 PM | https://www.thehindu.com/business/markets/rupee-plunges-by-23-paise-slips-below-75-a-dollar-on-new-covid-variant-worries/article37749416.ece

Next Story