Rupee falls by 7 paise to close below 75 against $

Mumbai: FALLING for the fourth session in a row, the rupee on Friday closed below the 75 mark against the US currency for the first time in nearly two weeks as a record spike in Covid-19 cases and losses in the domestic equities weighed on investor sentiment.

Forex traders said heavy selloff in domestic equities amid fears that a rapid resurgence of Covid-19 cases in the country can disrupt economic recovery kept investors on edge.

At the interbank forex market, the local unit opened lower at 75.02 against the previous close of 74.94 and traded in the range of 74.75 to 75.07 during the day.

The rupee finally ended at 75.01, the lowest closing level since April 12, registering a fall of 7 paise over its previous close. In the four sessions since Monday, the rupee has dropped by 0.89 per cent or 66 paise.

"The second wave of Covid-19 in India is keeping market risk sentiment very light and the USDINR spot is afloat. So, the USDINR bulls will continue to be on driver's seat, but we will only have to look for RBI intervention. We expect a broader USDINR range to be 74.50-75.50," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.