Rupee falls by 23 paise, down below 75 per dollar on new COVID variant worries
Rupee falls by 23 paise, down below 75 per dollar on new COVID variant worries
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The Indian rupee plunged 23 paise to 75.12  against the dollar on Monday, as investors became cautious in the wake of a new COVID-19 variant. In a highly volatile trading session, the local currency opened at 74.84 and saw an intra-day high of 74.82 and a low of 75.16 against the US dollar on the interbank foreign exchange market.

The local currency finally ended the day at 75.12 per dollar, down 23 paise from the previous closing. As investors resorted to risk-off mood, the rupee fell 37 paise or 0.50 percent versus the US dollar on last Friday, closing at a nearly month-low of 74.89.

Worries on lockdowns have resurfaced among investors, owing to an increase in COVID cases in Europe and the detection of a new variebt in South Africa. The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.11 percent at 96.19. Meanwhile, the global oil benchmark, Brent crude futures, rose 4.29 percent to $75.84 a barrel.

In the Indian stock market front, the BSE Sensex finished 153.43 points higher, or 0.27 percent higher, at 57,260.58, while the broader NSE Nifty climbed 27.50 points, or 0.16 percent, to 17,053.95. According to exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs5,785.83 crore.

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