Indian Rupee declines by 7 paise to close below 75 mark against USD

Plunging for the fourth consecutive session,  the rupee on Friday closed below the 75 mark against the American currency for the first time in nearly a fortnight as a record spike in COVID-19 cases and losses in the domestic equities weighed on investor sentiment.

Street said, Heavy selloff in domestic equities amid fears that a rapid resurgence of COVID-19 cases in the country can disrupt economic recovery kept investors on edge.

At the interbank forex market, the local unit opened lower at 75.02 against the previous close of 74.94 and traded in the range of 74.75 to 75.07 during the day.

The rupee finally ended at 75.01, the lowest closing level since April 12, registering a fall of 7 paise over its previous close. In the four sessions since Monday, the rupee has dropped by 0.89 percent or 66 paise.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.34 percent to 91.02. Brent crude futures, the global oil benchmark, were trading 0.06 percent down at USD 65.36 per barrel.

On the domestic equity market front, the BSE Sensex ended 0.42 percent lower at 47,878.45, while the broader NSE Nifty declined 0.45 percent to 14,341.35.

Foreign institutional investors (FIIs) remained net sellers in the capital markets, as they pulled out Rs 909.56 crore on Thursday, according to the provisional data. On a weekly basis, the local unit has depreciated 66 paise against the US dollar.

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