In the interbank foreign exchange market, rupee has been going down against the US dollar and at day's low has hit 74.71 while at day's high scaled to 74.81. Last the Indian unit traded at74.7875 per US dollar, with a change of 0.2275 or 0.31 in percentage terms.
The rupee has suffered losses in today's trade owing to gains in the dollar as well as fall in equities which has weighed on the domestic currency.
As of writing this copy, dollar index traded higher by 0.21% at 92.88. In the previous day's trade, the rupee settled at 74.57 per US dollar.
Also in line other Asian currencies have also suffered due to weak equities momentum in Asian markets following concerns of inflation and surging virus cases. Now amid all this the prospect of dollar gaining as a safe haven will again gain sheen amid falling equities.
In a report it is said that RBI may come to the rescue of the falling rupee as dollar's strength and gains in the crude oil price will further drag the rupee lower.