The rupee fell 7 paise to close at 72.62 against the USD.

The Indian rupee fell 7 paise to 72.62 (provisional) against the US dollar on Thursday amid growing concerns over coronovirus cases in India and some other parts of the world.

In the interbank forex market, the rupee opened at $ 72.68 per dollar, but closed some of its losses during the session at 72.62, still 7 paise lower.

Meanwhile, the Dollar Index, which estimates the strength of the greenback against a basket of six currencies, rose 0.14% to 92.66.

Global oil benchmark Brent crude futures fell 1.40% to US $ 63.32 a barrel.

Analysts expect the market to remain volatile for some time due to uncertainty due to the second wave of COVID-19 in India and the third wave in parts of Europe.

On the domestic equity market front, the BSE Sensex lost 740 points or 1.51% to close at 48,440.12, while the broader NSE Nifty rose 224.50 points or 1.54% to close at 14,324.90.

Foreign institutional investors were net sellers in the capital market on Wednesday as they sold shares worth Rs 1,951.90 crore as per exchange data.