Rupee goes from Asia’s best to worst in two weeks on Covid spike

16 April, 2021 12:00 AM printer

NEW DELHI: The rupee has turned into Asia’s worst-performing currency from being the best in the previous quarter. It’s poised for more losses as a resurgence in coronavirus cases to a record threatens to hamstring the economy.

The rupee weakened past 75 per dollar for the first time in eight months this week. Federal Bank Ltd. expects it to fall further to 76 by year-end, report agencies.

The currency’s slide may be exacerbated by unwinding of short dollar positions against the rupee, which ICICI Bank Ltd estimates has grown to $50 billion.