In the interbank foreign exchange market, the local entity opened against the greenback at 74.38 and traded in the range of 74.19 to 74.93 during the day.
The rupee fell for the fourth straight session and fell 11 paise to close at 74.58 (provisional) against the US dollar on Thursday, fearing that a rapid resurgence of COVID-19 cases in the country could hamper the economic recovery. is.
In the interbank foreign exchange market, the local entity opened against the greenback at 74.38 and traded in the range of 74.19 to 74.93 during the day.
The rupee eventually ended at 74.58 against the US currency, a decline of 11 paise against the previous close of 74.47.
On Wednesday, the Indian rupee lost 105 paise for its biggest single-session decline in 20 months.
India recorded a one-day spike in 1,26,789 new COVID-19 cases, increasing its infection to 1,29,28,574, while the number of active cases also went upward to break the nine lakh mark, centrally. Home Ministry data showed on Thursday.
Jeten Trivedi, senior research analyst at LKP Securities, said that “Government spending on vaccines and health products keeps on increasing due to rising cases of COVID-19. INR will be seen ahead in the session with a weak trend between 74.45-75.15. Rupee”. .
This is the fourth straight session of losses for the domestic unit, during which it has seen a fall of 146 paise.
Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, fell 0.06% to 92.39.
The global oil benchmark Brent crude futures was trading down 0.51% at $ 62.84 a barrel.
On the domestic equity market front, the BSE Sensex rose 84.45 points or 0.17% to close at 49,746.21, while the broader NSE Nifty advanced 54.75 points or 0.37% to 14,873.80.
Foreign institutional investors were net buyers in the capital market as they bought shares worth net 227.42 crore as per exchange data on Wednesday.
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