The rupee fell 32 paise to open at 75.05 against the US dollar, entering its sixth session of losses.

The rupee fell for the sixth straight session and closed 32 paise lower at 75.05 (provisional) against the US dollar on Monday amid a declining trend in domestic equities ahead of the release of key dollar economic data.

In addition, rising crude oil prices, outflow of foreign funds and COVID-19 cases have weighed on the domestic currency.

In the interbank foreign exchange market, the local entity opened against the greenback at 74.97 and traded from 74.78 to 75.14 through the day.

Finally, the rupee closed at 75.05 against the US currency, registering a decline of 32 paise over the previous close. The rupee had closed at 74.73 per dollar on Friday.

The Indian rupee spot fell by 75 points on Monday to a nine-month low of 75.15 as rising COVID-19 cases raised fears of a complete lockout in Maharashtra and some other states, raising hopes of a faster recovery and RBI’s The possibilities are increasing. Ultra-loose monetary policy for the long term, ”said Kayanat Chenwala, fundamental research analyst currencies, Anand Rathi Shares and stock broker.

Already, the domestic currency has depreciated by 2% as the RBI unexpectedly announced a quantitative easing style G-sec acquisition program (G-SAP) last week, the first auction to be held on April 15, 2021. 25,000 crores was auctioned with Rs.

This is the sixth straight season of losses for the domestic unit, during which it has seen a fall of 193 paise.

This week, the rupee is likely to weaken further as investors wait for India’s industrial production, manufacturing output, balance of trade and inflation data to coincide with the first G-SAP auction.

Meanwhile, India set a new coronovirus infection record with 1,68,912 new cases, its highest ever single-day rise, according to official figures, taking the total number of cases to 1,35,27,717.

The dollar index, which estimates the strength of the greenback against a basket of six currencies, fell 0.05% to 92.12.

Brent crude futures, the global oil benchmark, was up 0.56% at $ 63.30 a barrel.

On the domestic equity market front, the BSE Sensex was down 1,707.94 points or 3.44% at 47,883.38, while the broader NSE Nifty was down 524.05 points or 3.53% at 14,310.80.

Foreign Institutional Investors (FIIs) remained net sellers in the capital market, according to provisional figures of ₹ 653.51 crore on Friday.