Indian Rupee Dips For 6th Consecutive

Indian Rupee Dips For 6th Consecutive

12 Apr 2021 04:21 PM

The Indian rupee dropped for the sixth consecutive session against the dollar, as a surge in coronavirus cases intensified fears of a delay in economic recovery.

The rupee was traded at 75.06 compared with 74.74 in the previous session.

The country reported a record 168,912 Covid-19 infections overnight, with the western state of Maharashtra housing just under 50% of the active infections in the country.

Nomura revised its India’s fiscal year 2022 growth forecast to 12.6% from 13.5% earlier, saying they expect a weaker sequential momentum in the current quarter amid lockdowns. Last week, Goldman Sachs had revised its current quarter and annual projections lower.

The dollar index was little changed at 92.13, while Asian currencies were mixed.

The one-year forward premium was at 3.52 rupees, against 3.46 rupees in the previous session.