Rupee plunges 30p, settles at 75.42 against US dollar

The rupee on Monday plunged 30 paise to settle at 75.42 (provisional) against the US dollar in line with massive erosion in domestic stocks as concerns over the Covid-19 Omicron variant continued to weigh on sentiment.

Besides, rising crude prices in international markets and a surging greenback overseas also pulled the rupee back, traders said.

At the interbank foreign exchange market, the local currency opened weak, at 75.22, and witnessed an intra-day high of 75.19 and low of 75.45 against the US dollar.

The local unit finally settled at 75.42 per dollar, down 30 paise from its previous close.

On Friday, the rupee had settled at 75.12 against the US dollar.

Also Read — Lower oil prices to counter Omicron fears; yet Rupee to remain subdued

On the domestic equity market front, the BSE Sensex ended 949.32 points or 1.65 per cent lower, at 56,747.14, while the broader NSE Nifty declined 284.45 points or 1.65 per cent to end at 16,912.25.

Brent crude futures, the global oil benchmark, advanced 2.43 per cent to $71.58 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent, up at 96.23.

Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth Rs 3,356.17 crore, as per exchange data.

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