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Rupee slips 6 paise to 74.94 against U.S. dollar as COVID cases spike

File image. Photo used for representation purpose only.   | Photo Credit: REUTERS

The rupee weakened further by 6 paise to close at 74.94 (provisional) against the U.S. dollar on Thursday as a persistent rise in COVID-19 cases and enhanced restrictions imposed by a number of States weighed on investor sentiment.

At the interbank forex market, the local unit opened at 75.25 against the greenback and traded in the range of 74.82 to 75.26 during the day.

The rupee finally ended at 74.94 against the American currency, registering a fall of 6 paise over its previous close. On Tuesday, the rupee had settled at 74.88 against the American currency.

Forex and equity markets were closed on Wednesday on account of 'Ram Navami'.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07% to 91.09.

India registered over 3.14 lakh new coronavirus cases in a day, the highest-ever single-day count recorded in any country, taking the total tally of COVID-19 cases in the country to 1,59,30,965.

Brent crude futures, the global oil benchmark, were trading 0.54% down at $64.97 per barrel.

On the domestic equity market front, the BSE Sensex ended 374.87 points or 0.79% higher at 48,080.67, while the broader NSE Nifty advanced 109.75 points or 0.77% to 14,406.15.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out ₹1,082.33 crore on Tuesday, as per provisional data.

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Printable version | May 19, 2021 2:58:17 AM | https://www.thehindu.com/business/markets/rupee-slips-6-paise-to-7494-against-us-dollar-as-covid-cases-spike/article34384777.ece

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