Rupee plunges 23 paise, slips below 75 per dollar as concerns over Covid-19 Omicron variant take over

The rupee plunged 23 paise on Monday to close at 75.12 (provisionally) against the US dollar, as investors became cautious of a new variant of Covid-19.

In the interbank forex market, the local currency opened at 74.84 and experienced an intraday high of 74.82 and a low of 75.16 against the US dollar in a very volatile trading session. Local unit eventually settled at 75.12 to the dollar, down 23 paise from its previous close.

On Friday, the rupee had plunged 37 paise or 0.50% against the US dollar to close near a month’s low of 74.89, as investors resorted to a sense of risk aversion.

Also Read – Rupee Sees High Volatility As Concerns Resurface Over Omicron

Investor concerns over lockdowns resurfaced amid an increase in cases of Covid-19 in Europe and the Omicron variant, detected in South Africa.

The dollar index, which measures the strength of the greenback against a basket of six currencies, was trading up 0.11% to 96.19.

Meanwhile, futures on Brent crude, the world’s benchmark for oil, rose 4.29% to $ 75.84 a barrel.

On the national stock market front, the BSE Sensex finished up 153.43 points, or 0.27%, at 57,260.58, while the broader NSE Nifty index rose 27.50 points or 0.16%, at 17,053.95.

Foreign institutional investors were net sellers in the capital market on Friday as they dumped shares worth Rs 5,785.83 crore, according to exchange data.

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