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Reliance Securiities Report
The India rupee depreciated further against the U.S. currency on persistent state-run banks’ greenback bids, rumoured to be on behalf from the central bank and for defence-related payments.
The local unit was also weighed down stemming from a weak risk appetite in the region.
The rupee ended at 74.65 to the dollar compared with 74.38 in the previous session.
Meanwhile, weak Indian and other Asian equities also weighed on the local unit as Covid-19 vaccine optimism faded and second wave of infections in the U.S. and Europe which will dent on the growth outlook in coming months.
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