Indian rupee drops due to Covid-19, fall in equities
The currency is likely to trade in a narrow range this week.
The Indian rupee fell 24 paise to 74.33 against the US dollar (202.25 versus dirham) on Monday morning due to weakness in domestic equities, a high number of Covid-19 cases, and foreign fund outflows.
The rupee opened lower at 74.25 and fell to 74.33, registering a fall of 24 paise over its previous close. The rupee had closed at 74.09 against the US dollar on Friday.
The rupee opened on a weak note on global dollar strength and weaker-than-expected performance of the ruling Bharatiya Janata Party in state elections, particularly in West Bengal, said Abhishek Goenka, Founder, and Chief Executive Officer (CEO), IFA Global.
Goenka further said that "it is likely to trade a 74.15-74.45 range (20.20-20.28 versus dirham) intraday with an upside bias".
The major trigger point for the markets could be the consumer price index (CPI) and index of industrial production (IIP) numbers this week, Reliance Securities said in a research note adding that volumes could be low this week as Chinese investors and traders will be away from the markets on account of Labour Day break from May 3 to 5 this week.
The 30-share BSE Sensex was trading 363.46 points or 0.75 per cent lower at 48,418.90. Similarly, the broader NSE Nifty slipped 85.15 points or 0.58 per cent to 14,545.95.
The daily Covid-19 cases in India showed a slight dip with 368,147 new infections being reported in a day, taking the total tally of cases to 1,99,25,604.
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