Rupee plunges to 5-mth low of 74.58 against $
The Indian rupee weakened further by 11 paise against the US currency to close at its weakest level in nearly five months on Thursday amid fears that a rapid resurgence of Covid cases in the country can disrupt economic recovery.
image for illustrative purpose
Mumbai: The Indian rupee weakened further by 11 paise against the US currency to close at its weakest level in nearly five months on Thursday amid fears that a rapid resurgence of Covid cases in the country can disrupt economic recovery.
Logging its fourth straight session loss, the domestic currency settled at 74.58 to the US dollar – the lowest level for the rupee since November 13, 2019. At the interbank forex market, the local unit opened at 74.38 against the greenback and traded in the range of 74.19 to 74.93 during the day.
On Wednesday, the Indian rupee nosedived 105 paise to mark its biggest single-session drop in over 20 months. Over the past four sessions, the domestic unit has lost 146 paise in its valuation against the US dollar.
Jateen Trivedi, Senior Research Analyst at LKP Securities, said, "Government spending keeps increasing on vaccines and health products due to rising Covid-19 cases. India rupee will be seen in a range of 74.45-75.15 in sessions ahead with a weak trend for the rupee."
