Forex

Rupee slumps 26 paise to close at 73.74

PTI Mumbai | Updated on September 20, 2021

Effective use of capital istock.com Denis Vostrikov

The domestic unit fell tracking weaker Asian currencies amid sell-off in equities

The Indian rupee dived 26 paise to close at a near four-week low of 73.74 against the US dollar on Monday as weaker Asian peers and massive sell-offs in domestic equities weighed on investor sentiment.

At the interbank foreign exchange market, the local currency opened at 73.82 and finally settled for the day at 73.74 a dollar, down 26 paise over its previous close.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.27 per cent higher at 93.44.

"The Indian rupee depreciated against the US dollar, amid weak risk appetite in the region, pushing investors towards the safety of the dollar," said Sriram Iyer, Senior Research Analyst at Reliance Securities.

Most of the emerging market and Asian currencies were weak this Monday, weighed down by the worries about Chinese property developer Evergrande's solvency, Iyer said, adding that the broad decline in Asian and domestic shares also rubbed off on the local unit.

 

 

Published on September 20, 2021

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