Rupee ends Monday, down 0.2% to Rs 81.85/ $

On Monday, the rupee lost 0.2% of its value against the dollar as growing Covid-19 cases in China raised concerns about draconian regulations in the world’s second-largest economy and reduced demand for emerging market currencies. On Monday, the rupee finished at 81.85 to the dollar compared to 81.69 on Friday. The native currency has lost 9.2% of its value against the US dollar so far in 2022.

Official announcements from Beijing warned of further limitations on activity to halt the spread of the disease as China faced an uptick in Covid-19 cases across the nation. As worries about the effects of Covid limitations on economic growth grew in response to the announcement, the yuan fell sharply, dropping by roughly 0.6%. A drop in the Chinese yuan typically affects other developing market currencies as well.

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