Forex

Rupee skids 20 paise to 75.02 against US dollar

PTI Mumbai | Updated on August 20, 2020

The Indian rupee slid 20 paise to settle at 75.02 to the US dollar on Thursday, tracking weaker Asian currencies amid concerns over global economic recovery due to rising coronavirus cases.

At the interbank forex market, the domestic unit hit an intra-day high of 74.93 and low of 75.05 against the US dollar. It finally ended at 75.02, down 20 paise over its previous close of 74.82.

Forex traders said strong dollar, weak domestic equities and details of US Federal Reserve meeting minutes weighed on investor sentiment.

The US Fed’s policymaking body has expressed concerns about the rising COVID-19 cases further impacting the economic recovery.

“The US dollar has strengthened overnight after the release of US Federal Open Market Committee (FOMC) minutes that were less dovish than expected,” said Abhishek Goenka, founder and CEO, IFA Global.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.31 per cent to 93.17.

Published on August 20, 2020

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