The rupee closed markedly weaker as investors worldwide became concerned about the impact of the Omicron variant of COVID-19 on the economy. Risk appetite among investors weakened in the US after health officials on Wednesday confirmed the country’s first case of the new and heavily mutated Omicron in California. As a result, safe haven dollar recovered losses on Wednesday and at 0915 IST, the dollar index, which measures the strength in the US currency against a basket of six major currencies, was at 95.96 compared with 96.03 on Wednesday. South Africa, where Omicron was first detected, reported almost double the cases on Wednesday from Tuesday. Crude remains subdued which will help the INR.......
The dollar index was steady in early trade today. On Wednesday, the dollar recovered losses after reports of first Omicron infection in the US. Most Asian indices today fell as concern about the impact of the Omicron variant of COVID-19 on the economy continued to weigh on investor sentiment. US stocks saw a sharp reversal overnight after US health officials on Wednesday confirmed the country’s first case of the new and heavily mutated Omicron in California. Investors will continue to watch for developments on the Omicron variant, with uncertainty around its rate of transmissibility and fears that it could evade vaccines. South Africa, where Omicron was first detected, reported almost double the cases on Wednesday from Tuesday.......