Rs  drops by 21p to 1-week low on $ demand

| | Mumbai
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Rs  drops by 21p to 1-week low on $ demand

Tuesday, 19 January 2021 | PTI | Mumbai

The rupee plunged by 21 paise to settle at a week’s low of 73.28 against the US dollar on Monday, tracking weak domestic equities and a rebound in the American currency.

At the interbank forex market, the domestic unit opened at 73.21 against the greenback and swung between a low of 73.30 and a high of 73.18 during the session.

It finally settled down by 21 paise at 73.28, the lowest closing level since January 11. On Friday, the rupee had settled at 73.07 against the American currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.15 per cent to 90.91.

“Indian rupee depreciated amid strong dollar and risk aversion in the domestic markets,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Demand for the US dollar increased on worries over rising coronavirus cases across the globe and decline in stock markets.

 

 

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