Time to remit: Indian rupee drops to 20.5 versus UAE dirham

Stocks markets tumble due to an unprecedented spike in COVID-19 cases

  
 

The Indian rupee slumped 17 paise to 75.22 against the US dollar (or 20.50 versus dirham) on Thursday morning following losses in domestic equity markets amid concerns over an unprecedented spike in Covid-19 cases.

Foreign fund outflows also weighed on investors' sentiments.

Rupee opened sharply lower at 75.19 against the dollar in the morning, and lost further ground to dip at 75.22, a fall of 17 paise over its previous close. The currency fell as low as 75.23 in early trade.

The number of new Covid-19 cases in India hit a record daily high of over 200,000, while the active cases surpassed the 1.4 million (m) mark.

The 30-share benchmark BSE Sensex was trading 269.37 points or 0.55 per cent lower at 48,274.69.

Similarly, the broader 50-share NSE Nifty slipped 68.60 points or 0.47 per cent to 14,436.20.

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