Forex traders said that foreign fund outflows have weighed on investor sentiment.
The rupee opened 17 paise lower at 75.22 against the US dollar on Thursday following losses in the domestic equity markets amid concerns over rising COVID-19 cases.
Forex traders said that in addition, the boycott of foreign funds also had an impact on investor sentiment.
In interbank foreign exchange, the domestic unit opened sharply against the dollar at 75.19, and lost further ground to bid at 75.22, a 17 paise drop higher than its previous close. In early deals, it touched a low of 75.23.
The rupee had closed at 75.05 against the US dollar on Monday.
The forex market remained closed on Tuesday and Wednesday due to ‘Gudi Padwa’ and ‘Babasaheb Ambedkar Jayanti’ respectively.
According to data from the Union Ministry of Health, the number of new coronovirus cases updated on Thursday recorded more than 2 lakh infections daily, while active cases crossed the 14 lakh mark.
With the new cases, the total number of COVID-19 cases in the country increased to 1,40,74,564.
The 30-share BSE Sensex was trading at 48,274.69, down 269.37 points or 0.55%. Similarly, the broader NSE Nifty slipped 68.60 points or 0.47% to close at 14,436.20.
Foreign Institutional Investors (FIIs) remained net sellers in the capital market, according to provisional figures of ₹ 730.81 crore on Tuesday.
The dollar index, which estimates the strength of the greenback against a basket of six currencies, was trading slightly higher by 0.02% to 91.69.
Global oil benchmark Brent crude futures lost 0.01% to close at $ 66.57 a barrel.
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