India Rupee Logs Worst Wk In 14; US Virus Woes Hurt Recovery Bets

India Rupee Logs Worst Wk In 14; US Virus Woes Hurt Recovery Bets

10 Jul 2020 02:34 PM
 

The Indian rupee logged its worst week against the dollar in 14 weeks, as global risk aversion heightened amid a further deterioration in the U.S. coronavirus outbreak, fueling uncertainty about an economic rebound any time soon.

The local unit was quoted at 75.2000 to the dollar at 2:00 p.m. compared with 74.9950 at 2.00 p.m. yesterday. The unit fell 0.8%, its biggest weekly decline since the week ended Apr. 3, after rising by an aggregate of 2% in the last two weeks.

Global risk appetite weakened after the U.S. reported more than 60,500 new virus cases yesterday, the largest single-day tally by any country in the pandemic so far, according to a Reuters’ tally. Infections rose in 41 of the 50 states over the last two weeks, while California and Texas, the two most populous states, announced record increases in deaths on Wednesday.

The U.S. daily death toll is now on an uptick, reversing the trend witnessed from May to late June, indicating there are no signs that the coronavirus outbreak in the world's largest economy is abating.

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