Rupee Tumbles With Stocks as Virus Cases in India Hit New Record

Rupee declines past 75/USD, first time since August 2020
Sensex index falls 3.4%, the most in almost two months

People are assisted by healthcare workers at a rapid-antigen methodology Covid-19 test site set-up outside the Star Mall in the Dadar area of Mumbai, India, on Wednesday, March 31, 2021. India’s consumption demand and business activity looked steady in February, although chances of a strong recovery appeared doubtful after a sharp surge in virus cases and the increasing risk of renewed lockdowns.

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By Ishika Mookerjee and Ronojoy Mazumdar

April 12, 2021 at 6:11 AM UTC

Updated on

April 12, 2021 at 10:38 AM UTC

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India’s deepening coronavirus crisis slammed the nation’s stocks and currency on concern it will deliver a fresh blow to an economy that’s only just recovering from the worst contraction in nearly seven decades.

The Indian rupee dropped past 75 to a dollar for the first time since August 2020, while the benchmark S&P BSE Sensex Index declined 3.4%, the most in almost two months. India reported a record 168,912 new infections for a day, taking the tally to 13.53 million cases, the government said Monday.