Rupee falls to 74.87 per dollar in early trade

The rupee settled at 74.35 against the dollar on Friday.Premium
The rupee settled at 74.35 against the dollar on Friday.
 1 min read . Updated: 19 Apr 2021, 11:05 AM IST Staff Writer

The rupee opened lower at 74.77 against the US dollar on Monday as compared to Friday's close of 74.35 against the dollar. The domestic currency continued the downward trend as it fell 52 paise to trade around 74.87 against US dollar in the early session.

The Indian rupee started on a weaker note against the US dollar after another surge in coronavirus infections over the weekend increased the risk of more broadbased lockdowns, Reliance Securities said in a research note.

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Benchmark index Sensex fell over 1,400 points on Monday while Nifty was down 2.7% and traded near 14,200 as daily covid infections hit fresh record highs. The country reported its highest-ever single-day spike of COVID-19 cases with over 2.73 lakh new cases and more than 1,600 deaths in the last 24 hours.

Meanwhile, crude prices fell amid mounting concerns that surging caseloads of coronavirus infections in India and other countries will lead to stronger measures and hit economic activity, along with demand for commodities such as crude. International oil benchmark Brent crude was trading 0.49 per cent lower at $66.44 per barrel.

(With inputs from PTI)

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