The rupee continued its downward journey on Thursday, sliding another 23 paise to settle at 74.10 against the US dollar, tracking weak domestic equities and strong American currency amid global risk aversion.At the interbank forex market, the domestic unit opened weak at 74.02 against the greenback, then lost further ground and finally closed at 74.10 against the American currency, showing a fall of 23 paise over its previous close.
On Wednesday, the rupee depreciated by 16 paise to settle at more than one-month low of 73.87 against the US currency. The local unit witnessed an intra-day high of 73.94 and a low of 74.16 against the greenback.
“The rising number of COVID-19 cases has forced governments in a few EU countries to enforce lockdown,” said Nish Bhatt, Founder and CEO, Millwood Kane International – an Investment consulting firm.Bhatt further said that reports are emerging that the Indian government is finalising the next stimulus package to boost sentiment and bring growth back on track.
