Loading ...
Monday, April 19, 2021
Khaleej Times - Indian rupee opens lower as Covid-19 cases rise
By Arun Leslie John in 'Century in News'
Arun Leslie John , Special to Khaleej Times April 19, 2021
The Indian rupee fell to 74.87 against the US dollar (20.4 versus dirham) on Monday morning due to an exponential spike in Covid-19 in the country and triggering panic selloffs in equity markets.
At the interbank forex market, the domestic unit opened at 74.80 against the US dollar, then fell further to 74.87, registering a fall of 52 paise over its previous close.
The South Asian currency had closed at 74.35 against the greenback (20.25 vs Dh) on Friday.
Earlier, Arun Leslie John, chief market analyst at Century Financial, had told Khaleej Times that the rupee would see a bumpy road ahead due to a surge in Covid-19 cases, and potential gross domestic product (GDP) and earnings downgrades.
He predicted rupee trading in the range of 74-75.5 versus dollar (20.16-20.57 versus Dh) this week.
India reported a record rise in SARS-CoV-2, which causes Covid-19, infections on Monday, as 273,810 people tested positive for the contagion.
The total caseload has gone past 15 million (m) and is only second to the US.
Data from India’s Ministry of Health & Family Welfare (MoH&FW) showed that 1,619 people died in the past 24 hours due to the fresh and lethal wave of the viral outbreak.
Altogether, 178,769 people have died in India because of Covid-19.
Among India’s equity markets, Bombay Stock Exchange’s (BSE) 30-stock benchmark index Sensex was down 1,189 points at 47,642.
Source:
Khaleej Times
MenaFN
__1462972547.jpg)
__1330386539.jpg)
__1125086499.jpeg)
Regulated by SCA
Century Financial Consultancy LLC
Reach us:
-
Dubai
6th Floor, Building 4, Emaar Square,
Downtown Dubai, P.O. Box 65777,
Dubai, United Arab Emirates -
Abu Dhabi
Office 3014, 30th Floor
Tamouh Tower, Building 12, Marina Square,
Al Reem Island, Abu Dhabi - +971 (4) 356 2800
- info@century.ae
Disclaimer: Trading in leveraged Over-The-Counter (OTC) Derivative products including Contracts for Difference (CFDs) and spot foreign exchange contracts involves a significant risk of loss which can exceed deposits and may not be suitable for all investors. OTC Derivative products / CFDs are complex financial instruments that do not confer any claim or right to the underlying financial instrument. Transactions in these instruments are very risky, and you should trade only with the capital you can afford to lose. Before deciding to trade on these products, you should consider your investment objectives, risk tolerance, and your level of experience. Accordingly, you should ensure that you understand the risks involved and seek independent advice from professionals, if necessary.
Century Financial Consultancy LLC (CFC) is duly licensed and regulated by the Securities and Commodities Authority of UAE (SCA) under license numbers 20200000028, 20200000081 and 301044 to practice the activities of Trading broker in the international markets, Trading broker of the OTC derivatives and currencies in the spot market, Introduction, Financial Consultation and Financial Analysis, and Promotion. CFC is a Limited Liability Company incorporated under the laws of UAE and registered with the Department of Economic Development of Dubai (registration number 768189). CFC has its registered office at 601, Level 6, Building no. 4, Emaar Square, Downtown, Dubai, UAE, PO Box 65777.
Any content available on our website is presented solely to provide information and educate visitors. Under no circumstances is any of this content meant to be construed as an offer, recommendation, advice, or solicitation to buy or sell securities or other financial products.
This website's information is not intended for use by anybody residing outside UAE or where such use would violate local laws or regulations.
