The rupee depreciated 18 paise to 75.81 in opposition to the US greenback in opening commerce on Wednesday amid strengthening American forex abroad and sustained overseas fund outflows.
Foreign exchange merchants stated the weak point within the rupee was largely as a result of strengthening US greenback. Furthermore, rising coronavirus circumstances within the nation additionally weighed on the native unit.
The native unit opened weak at 75.77 on the interbank foreign exchange market after which fell additional to 75.81, down 18 paise over its final shut.
It had settled at 75.63 in opposition to the US greenback on Tuesday.
Foreign exchange merchants stated market members have been involved that the sharp rise in coronavirus circumstances might weigh on the financial system.
In India, the dying toll on account of Covid-19 rose to 1,694 and the variety of circumstances climbed to 49,391 within the nation on Wednesday, based on the Well being Ministry.
In the meantime, the variety of circumstances world wide linked to the illness has crossed over 36.63 lakh and the dying toll has topped 2.57 lakh.
After opening on a weak word, home bourses pared the losses and have been buying and selling on the optimistic territory with benchmark Sensex quoting 307.01 factors increased at 31,760.52 and broader Nifty rising 86.60 factors to 9,292.20.
International institutional buyers remained web sellers within the capital market, as they bought fairness shares value Rs 1,059.39 crore on Tuesday, based on provisional trade information.
Brent crude futures, the worldwide oil benchmark, fell 0.36 per cent to USD 30.86 per barrel.
The greenback index, which gauges the buck’s power in opposition to a basket of six currencies, rose by 0.09 per cent to 99.80.