(Aditya Shaw, Intern Journalist): On Thursday, the rupee fell 20 paise to close below 75 rupee level against the US dollar due to the strength of the US currency and the fall in the domestic stock market. The US Federal Reserve has expressed concern over the status of Covid-19, indicating its deep outbreak on the economy. Forex traders said investors’ sentiments were weakened by the strong dollar, weak domestic stock market, and comments by the US Federal Reserve. In the interbank foreign exchange market, the local currency closed at 75.02 against the US dollar, which is 20 paise lower than the previous closing price of 74.82.
The rupee touched an upper level of 74.93 and a low of 75.05 during day trading. Meanwhile, the dollar index, showing the position of the US dollar against six major currencies, was up 0.31 percent at 93.17. IFA Global founder and CEO Abhishek Goenka said the US dollar strengthened significantly following the US Federal Reserve’s comments. Foreign institutional investors were net buyers in the capital market on Wednesday and bought shares worth Rs 459.01 crore on a gross basis, according to stock market data. Brent crude futures fell 0.82 percent to $ 45 a barrel. Meanwhile, worldwide Covid-19 cases have crossed the figure of 24.4 million, and more than 28 lakh people have been infected with the virus in India.
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