The rupee slumped 52 paise to 74.87 against the US dollar in opening trade on Monday, amid fears that a rapid resurgence of COVID-19 cases in the country could disrupt economic recovery. Besides, heavy selloff in domestic equities also weighed on investor sentiment.
On April 20, the domestic unit ended flat at 74.88 per dollar against previous close of 74.87.
The currency market was shut on April 21 on account of Ram Navami.
At the interbank forex market, the domestic unit opened at 74.80 against the US dollar, then fell further to 74.87, registering a fall of 52 paise over its previous close. On Friday, the rupee had settled at 74.35 against the American currency.
The rupee started on a weaker note against the US dollar after another surge in coronavirus infections over the weekend increased the risk of more broad-based lockdowns, Reliance Securities said in a research note.
India's total tally of COVID-19 cases crossed 1.50 crore with a record single-day rise of 2,73,810 new coronavirus infections, while the active cases surpassed the 19-lakh mark, according to the Union Health Ministry data updated on Monday.
Registering a steady increase for the 40th day in a row, the active cases have increased to 19,29,329 comprising 12.81 per cent of the total infections, while the national COVID-19 recovery rate has dropped to 86 per cent.
Meanwhile, Asian currencies were mostly weaker this Monday and could weigh on sentiments, the Reliance Securities' note said adding that "the RBI could be present to curb volatility".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.10 percent to 91.64.
Brent crude futures, the global oil benchmark, fell 0.37 percent to $66.52 per barrel.
