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.
03 Aug 2020 02:32 PM
The Indian rupee logged its worst day against the U.S currency in three weeks, weighed down by a rebound in the dollar index and weak local shares.
03 Aug 2020 11:44 AM
Indian shares fell for the fourth straight session on Monday as banking stocks tumbled on mixed expectations for an upcoming interest rate decision, while surging domestic coronavirus cases also dented sentiment.
03 Aug 2020 11:18 AM
The yuan was steady on Monday after booking its best month in nine in July, as investors kept a wary eye over tensions between Beijing and Washington and the fate of popular short-video app TikTok's U.S. operations.
03 Aug 2020 10:44 AM
Gold prices surged to an all-time high on Monday as fears over an economic fallout from rising COVID-19 cases boosted demand for the safe-haven metal, although gains were capped by an uptick in the U.S. dollar.
03 Aug 2020 10:34 AM
The Indian rupee was at 74.91/74.92 to a dollar, against 74.81/74.82 in the previous session
03 Aug 2020 09:47 AM
Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of a slower pick-up in fuel demand.