Forex

Rupee slips to 74.88 against dollar on Covid worries

PTI Mumbai | Updated on April 20, 2021

INR closed marginally down due to worries of an alarming surge in Covid cases.

The rupee pared its initial gains to close marginally down by 1 paisa at 74.88 against the US dollar on Tuesday due to worries that the alarming surge in Covid-19 cases could derail the economic recovery in the country.

At the interbank forex market, the domestic unit opened at 74.65 against the US dollar, but lost ground to close at 74.88 against the US dollar.

During the session, the local unit witnessed an intra-day high of 74.64 and a low of 74.98 against the greenback.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 91.03.

On the domestic equity market front, the 30-share BSE benchmark Sensex ended 243.62 points or 0.51 per cent lower at 47,705.80 and broader NSE Nifty fell 63.05 points or 0.44 per cent to 14,296.40.

Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth ₹1,633.70 crore, as per exchange data.

Brent crude futures, the global oil benchmark, advanced 0.88 per cent to $67.64 per barrel.

Published on April 20, 2021

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