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Re under pressure on Omicron concerns

Home currency slips to 75.53/USD

Rupee slips 7 paise to 74.51/USD
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Rupee slips 7 paise to 74.51/USD

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Mumbai: The rupee on Thursday edged down by three paise to settle at 75.53 (provisional) against the US dollar, tracking a firm American currency amid concerns over the impact of the new Covid variant on the economy.

Besides, unabated foreign fund outflows weighed on investor sentiments, traders said.

At the interbank foreign exchange market, the local currency opened at 75.45 against the greenback. The local unit soon pared its initial gains and touched a low of 75.58 against the US dollar.

The rupee finally settled at 75.53, down by 3 paise over its previous close.

On Wednesday, the Indian rupee fell to a near two-month low of 75.50 against the US dollar, as RBI's bi-monthly monetary policy decision failed to enthuse forex market participants.

The Reserve Bank of India on Wednesday kept borrowing costs at a record-low for the ninth consecutive time, as it decided to continue supporting economic growth amid uncertainty over the impact of the Omicron strain on the economy.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.20 per cent up at 96.08.

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