Covid blues: Rupee plunges to near 5-month low

By: |
April 9, 2021 8:02 AM

The rupee weakened further by 11 paise against the US currency to close at its weakest level in nearly five months on Thursday amid fears that a rapid resurgence of Covid cases.

rupee, covid blues, rupee plunges, surge in covid cases, US dolar, bond yieldThe domestic currency settled at 74.58 to the US dollar on April 8

The rupee weakened further by 11 paise against the US currency to close at its weakest level in nearly five months on Thursday amid fears that a rapid resurgence of Covid cases in the country can disrupt economic recovery.

Logging its fourth straight session of losses, the domestic currency settled at 74.58 to the US dollar — the lowest level for the rupee since November 13, 2019.

Meanwhile, the benchmark bond yield closed at 6.031%, down from Wednesday’s close of 6.081%.

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