Rupee plunges 37 paise against US dollar

Rupee plunges 37 paise against US dollar

Gold prices rallied by Rs 570 to Rs 47,155 per 10 grams on Friday in the national capital, tracking gains in metal prices in the global markets and a fall in the rupee against the US dollar.

Mumbai: The rupee plunged by 37 paise against the US dollar on Friday as investors turn wary of the new variant of coronavirus and rampant selloffs in domestic equity markets. 

At the interbank foreign exchange market, rupee opened at 74.60 and saw an intra-day high of 74.58 and a low of 74.92 against the greenback in the day’s trade.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.34 per cent down at 96.44.

Oil prices slid, with US crude futures down 5.7 per cent to $73.96 a barrel and Brent crude down 4.66 per cent to $78.38 amid fresh demand fears.

Gold prices rallied by Rs 570 to Rs 47,155 per 10 grams on Friday in the national capital, tracking gains in metal prices in the global markets and a fall in the rupee against the US dollar. In the previous trade, the precious metal had settled at Rs 46,585 per 10 gram.

Silver also jumped Rs 190 to Rs 62,145 per kg from Rs 61,955 per kg in the previous trade. The rupee depreciated by 16 paise to 74.68 against the US dollar in opening trade on Friday.

The news of COVID-19 new variant sent investors flocking to the safe haven. In the international markey, gold, another safe haven, rose 0.6 per cent to $1,798.20 per ounce. 

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first published:Nov. 26, 2021, 7:02 p.m.

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