Currency Buzz: INR Pauses Rally Amid Dollar Strength

4 Jan 2022 , 05:10 PM

The Indian rupee on Tuesday slumped 29 paise to close at 74.57 (provisional) against the US dollar, tracking the strength of the American currency in the overseas market. Growing concerns over the Omicron variant of coronavirus and its impact on economic recovery as well as firm crude oil prices weighed on the local unit. At the interbank foreign exchange market, the local currency opened at 74.49 and witnessed an intra-day high of 74.46 and a low of 74.61 against the US dollar. The local unit finally settled at 74.57, down 29 paise over its previous close of 74.28. The dollar index, which gauges the greenbacks strength against a basket of six currencies, was trading at 96.35.

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