Rupee drops 7 paise to end at 72.62 against USD

At the interbank forex market, the rupee opened lower at 72.68 a dollar.

The Indian rupee fell by another 7 paise to settle at 72.62 (provisional) against the US dollar on Thursday amid concerns over surging coronavirus cases in India and some other parts of the world.

At the interbank forex market, the rupee opened lower at 72.68 a dollar, but recouped some of its losses during the session to close at 72.62, still down by 7 paise.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.14 % to 92.66.

Global oil benchmark Brent crude futures fell 1.40 % to USD 63.32 per barrel.

Analysts believe that volatility will stay in the market for sometime due to the uncertainty caused by the second wave of COVID-19 in India and a third wave in parts of Europe.

On the domestic equity market front, the BSE Sensex slumped over 740 points or 1.51 % to close at 48,440.12, while the broader NSE Nifty dived 224.50 points or 1.54 % to 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.


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