Rupee plunges 67 paise to 75.76 against US dollar

NEW DELHI: The rupee depreciated 71 paise to 75.80 against the US dollar in opening trade on Monday tracking selloff in domestic equities and strengthening American currency overseas.

The rupee opened weak at 75.70 at the interbank forex market and then fell further to 75.80, down 71 paise over its last close.

At 11 am, the rupee was being quoted at 75.76 against the dollar

It had settled at 75.09 against the US dollar on Thursday.

Forex market was closed on Friday on account of Maharashtra Day.

Traders said the weakness in the local unit was largely due to heavy correction in domestic equities and strengthening of the US dollar. Moreover, rising coronavirus cases in the country also weighed on the local unit.

In India, the coronavirus-induced lockdown has been extended beyond May 4, for another two weeks.

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Domestic bourses were trading with significant losses with benchmark indices Sensex plunging 1,662.61 points to 32,055.01 and Nifty down 475.95 points at 9,383.95.

Foreign institutional investors remained net buyers in the capital market, as they purchased equity shares worth Rs 1,968.80 crore on Thursday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 0.95 per cent to $26.19 per barrel.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.31 per cent to 99.38.

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