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Rupee settles lower for fourth straight session

30 Nov 2021 Evaluate

Continuing previous session drubbing, Indian rupee concluded weaker against dollar on Tuesday on account of continued dollar demand from importers and banks. This is the fourth consecutive session when the rupee traded lower against dollar. Sentiments were impacted after drugmaker Moderna's CEO set off fresh alarm bells in financial markets after he warned that COVID-19 vaccines were unlikely to be as effective against the Omicron variant as they have been against the Delta version. Some cautiousness also crept in as Moody’s Analytics said the Omicron variant of COVID-19 adds new uncertainties to the global economic outlook but much will depend on its speed of transmission, hospitalisation and death rates, and also the effectiveness of vaccines. On the global front; euro surged on Tuesday and is on track for its biggest three-day rising streak this year as traders cut their short positions on the single currency after Moderna's CEO said COVID-19 vaccines are unlikely to be as effective against the Omicron variant as they have been with other types.

Finally, the rupee ended 75.13, weaker by 6 paise from its previous close of 75.07 on Monday. The currency touched a high and low of 75.19 and 74.86 respectively.

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