Home / Markets / Stock Markets /  Indian rupee tumbles on covid surge continues unabated

MUMBAI: The Indian rupee on Monday tanked 0.8%, tracking losses in domestic equity markets as the country continues to reel under a fresh surge of covid infections.

At 1152am, the rupee was at 74.89 to a dollar, down 0.7% from its previous close. It had opened at 74.79, and touched a low of 74.94 a dollar so far today.

Analysts say fresh lockdown restrictions will have an impact on economic growth. Earlier today, Delhi government imposed a curfew in the national capital till next Monday.

India registered 2,75,196 new covid-19 cases over the past 24 hours, the highest single-day rise, while 1,620 fatalities were recorded.

Maharashtra reported 68,631 cases, accounting for nearly 25% of the new cases, on Sunday, followed by Uttar Pradesh with 30,566 new cases and Delhi with 25,462 new cases.

Leading brokerages have downgraded India's GDP growth projections for the current fiscal to as low as 10 % as local lockdowns threaten the fragile recovery.

While Nomura has downgraded projections of economic growth for the fiscal year ending March 2022 to 12.6% from 13.5% earlier, JP Morgan now projects GDP growth at 11% compared with 13% earlier. UBS sees 10% GDP growth, down from 11.5% earlier and Citi has downgraded growth to 12%.

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