Rupee Drops Below 75/$ Amid Surging Covid Cases
Mumbai: The Indian rupee continued to depreciate for the sixth consecutive day, breached the 75 per US dollar mark amid rising cases of Covid-19 and concerns of fresh localised lockdowns.
On Monday, the rupee closed at 75.05 per dollar after weakening to an over eight-month low of 75.14 against the greenback.
Further, a freefall in the equity market, along with rising crude oil prices, and outflows of foreign funds, also weighed on the Indian currency, analysts said.
The Indian stock market witnessed its biggest single-day fall of 2021 on Monday. The BSE Sensex fell 1,707.94 points to close at 47,883.38.
After a largely bullish sentiments among the foreign portfolio investors, they have now started pulling out investments from Indian equities. So far in April, they have pulled out net investments worth Rs 1,348 crore from the equity market.