Stocks

Rupee drops by 52 paise to 74.87 against US dollar

PTI Mumbai | Updated on April 19, 2021

The risk of more lockdowns as Covid-19 cases surged, hurt investor sentiments

The rupee plunged by 52 paise to close at 74.87 (provisional) against the US dollar on Monday amid a lacklustre trend in the domestic equities as investors fretted over the prospects of lockdown in some parts of the country amid a surge in Covid-19 cases.

At the interbank forex market, the local unit opened at 74.80 against the greenback and traded in the range of 74.79 to 75.05 during the day.

The rupee finally ended at 74.87 against the American currency, registering a fall of 52 paise over its previous close. On Friday, the rupee had settled at 74.35 a dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.49 per cent to 91.11.

Forex traders said the surge in coronavirus infections over the weekend increased the risk of more broadbased lockdowns.

Also read: Why you should bet on euro, not dollar, this week

 

Published on April 19, 2021

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