Indian rupee opens lower as COVID-19 cases rise

Indian currency loses sheen against dirham to dip at 20.4

An India Rupee note is seen in this illustration photo June 1, 2017.

An India Rupee note is seen in this illustration photo June 1, 2017.

REUTERS/Thomas White

The Indian rupee fell to 74.87 against the US dollar (20.4 versus dirham) on Monday morning due to an exponential spike in Covid-19 in the country and triggering panic selloffs in equity markets. (Check out the latest gold/forex rates in UAE)

At the interbank forex market, the domestic unit opened at 74.80 against the US dollar, then fell further to 74.87, registering a fall of 52 paise over its previous close.

The South Asian currency had closed at 74.35 against the greenback (20.25 vs Dh) on Friday.

Earlier, Arun Leslie John, chief market analyst at Century Financial, had told Khaleej Times that the rupee would see a bumpy road ahead due to a surge in Covid-19 cases, and potential gross domestic product (GDP) and earnings downgrades.

He predicted rupee trading in the range of 74-75.5 versus dollar (20.16-20.57 versus Dh) this week.

India reported a record rise in SARS-CoV-2, which causes Covid-19, infections on Monday, as 273,810 people tested positive for the contagion.

The total caseload has gone past 15 million (m) and is only second to the US.

Data from India’s Ministry of Health & Family Welfare (MoH&FW) showed that 1,619 people died in the past 24 hours due to the fresh and lethal wave of the viral outbreak.

Altogether, 178,769 people have died in India because of Covid-19.

Among India’s equity markets, Bombay Stock Exchange’s (BSE) 30-stock benchmark index Sensex was down 1,189 points at 47,642.


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