Indian rupee falls to 20.49 versus dirham amid Omicron variant concerns

The Indian rupee depreciated 10 paise to 75.22 against the US dollar (20.49 versus the UAE dirham) on Monday morning, tracking the subdued Indian equities and a firm American dollar amid growing concerns over the uncertainty triggered by the Omicron variant.

Besides, persistent foreign capital outflows and rising crude prices also weighed on investor sentiments, traders said.

At the Indian interbank foreign exchange, the rupee opened weaker and was trading at 75.22 against the American dollar in early deals, registering a decline of 10 paise from the last close. In the previous session, the rupee had settled at 75.12 against the greenback.

The latest variant of coronavirus Omicron has spread to more than 30 countries. Singapore’s Ministry of Health earlier said that the new variant may be more transmissible and have a high risk of reinfection compared to the Delta and Beta variants.

India has so far reported 21 cases of the new variant.

On the Indian equity market front, the 30-share Sensex was trading 251.52 points or 0.44 per cent lower at 57,444.94. While the broader NSE Nifty declined 72.4 points or 0.42 per cent to 17,124.3 points.

The dollar index increased by 0.17 per cent to 96.28 on Monday morning.

(with inputs from PTI)

• India