Rupee plunges by 37 paise against dollar on new COVID-19 variant worries

rupee plunges by 37 paise against dollar on new covid 19 variant worries

Sumary of Rupee plunges by 37 paise against dollar on new COVID-19 variant worries:

  • The local unit settled at 74.89 a dollar, down 37 paise over its previous close of 74.52.The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.34 percent down at 96.44.”Rupee erased all the gains of the month following risk-off moods after worries over a new variant of COVID-19 surges.
  • Month-end dollar demand and unwinding of carry trade in global forex markets also weighed on rupee,” Dilip Parmar, Research Analyst, HDFC Securities.

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