Indian rupee opens lower as Covid-19 cases rise
Waheed Abbas/Dubai
Indian currency loses sheen against dirham to dip at 20.4 The Indian rupee fell to 74.87 against the US dollar (20.4 versus dirham) on Monday morning due to an exponential spike in Covid-19 in the country and triggering panic selloffs in equity markets. (Check out the latest gold/forex rates in UAE)
At the interbank forex market, the domestic unit opened at 74.80 against the US dollar, then fell further to 74.87, registering a fall of 52 paise over its previous close.
The South Asian currency had closed at 74.35 against the greenback (20.25 vs Dh) on Friday.
Indian rupee may fall to 20.6 vs dirham due to rising Covid cases
Waheed Abbas/Dubai
Photo: Reuters
Pressure builds on the currency, despite a surge in India’s forex reserve.
An alarming rise in Covid-19 cases will keep the Indian rupee under pressure this week against the US dollar and the dirham, despite a surge in the country’s foreign exchange (forex) reserve.
The rupee ended last week at 74.5 versus greenback or 20.3 against dirham, registering gain for the first time in three weeks, driven by a surge in forex reserves and the broad-based weakness in the dollar.
The Reserve Bank of India (RBI) s latest data for the week, ending on April 9, showed that forex reserves surged $4.34 billion to $581.21 billion.
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(Bloomberg)
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