Rupee drops 20 paise amid renewed growth concerns

Mumbai: The rupee depreciated by 20 paise to settle at 73.58 against the US dollar on Tuesday due to forex outflows and a stronger greenback in the global markets.

At the interbank forex market, the rupee opened on a weak note at 73.50 and fell further to a low of 73.64 as stock markets continued to fall for the fourth straight day.

Renewed growth concerns following resurgence of coronavirus cases in Europe and subsequent restrictions weighed on investor sentiment, dealers said.

The rupee closed at 73.58 against the greenback, registering a fall of 20 paise over its last close of 73.38 on

Monday.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was up 0.06 per cent at 93.71.

On the domestic equity market front, the 30-share BSE benchmark Sensex settled down by 300.06 points or 0.79 per cent at 37,734.08. The broader NSE Nifty fell 96.90 points or 0.86 per cent to finish at 11,153.65.