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Reliance Securities Report
The Indian rupee ended weak on Thursday against the U.S. currency, tracking a selloff in regional equities and currencies amid rising concerns that a global economic recovery may be slower than expected.
The rupee ended at 73.90 to the dollar after testing a low of 73.96, compared with 73.57 on Wednesday. The Rupee fell 0.4% this Thursday, its worst day since September 03, 2020.
Uncertainty regarding the passage of the fiscal stimulus bill in the U.S. also contributed to the nervousness.
The BSE Sensex dropped 3% to 36,553.60 and the Nifty 50 Index declined 2.9% to 10,805.55, their lowest levels in more than two months.
The U.S. dollar index dollar ended flat to lower on Thursday with investors betting on the prospects for a new U.S. stimulus package to boost the coronavirus-battered economy after data showed rising unemployment claims.
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