Rupee Vs Dollar Today: The rupee weakened by 31 paise – or 0.41 per cent – to slide below the 76 level against the US dollar on Monday tracking Asian currencies, as fears about a second wave of COVID-19 infections continued to affect global markets. The rupee moved in a range of 75.92-76.15 in the first half of the four-hour session, having started the day weaker at 75.94 compared to its previous close of 75.84. It was last seen trading down 0.37 per cent at 76.12 against the US currency.
Domestic equity markets slid more than 2 per cent as a rise in domestic coronavirus cases and worries over a second wave of infections in China sapped investors’ appetite for riskier assets. The S&P BSE Sensex index fell to as low as 33,005.68 during the session, down 775.21 points from the previous close, and the broader 50-scrip NSE Nifty benchmark slid to as low as 9,749.15 as against its previous close of 9,972.90.
As of Monday, COVID-19 cases in the country had surged well past 3,32,400, with more than 9,500 deaths. India is the fourth-worst affected country in the world.
International crude oil prices fell on Monday as a spike in new coronavirus cases in the US raised concerns over a second wave of the COVID-19 disease which would weigh on the pace of fuel demand recovery. Brent crude futures – the global benchmark for crude oil – was last seen trading down 1.7 per cent at $38.07 per barrel.
The dollar index – which gauges the greenback’s performance against six currencies – was last seen trading up 0.05 per cent, having risen 0.30 per cent earlier.
Analysts say the rupee is expected to remain in a narrow range in the near term on account of weakness in domestic equities and sustained foreign fund outflows.
Currency markets currently operate within reduced trading hours due to the coronavirus-induced lockdown. The temporary timings are from 10 am to 2 pm, instead of the normal timings of 9 am to 5 pm.
At Friday’s closing level of 75.84, the rupee is down 6.28 per cent against the dollar so far this year.