Rupee Hits Three-Month Low, Traders Expect More Losses


Source: ndtv.com ndtv.com

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The rupee dropped to its lowest level in three months on Monday, in line with other Asian currencies, as the rapid spread of the Delta variant of coronavirus threatened to derail economic recovery. The partially-convertible rupee ended at 74.87/88 per dollar, compared with its close of 74.56 on Friday. The currency fell 0.4 per cent on the day, its biggest single-day fall since June 17. "The bias of risk appetite is gradually turning towards risk-off as markets evaluate the impact of a resurgence in Covid-19 cases worldwide against a backdrop of escalating inflation environment and emergence of US-China tensions," said...