The rupee opened weak on Friday amidst concerns that the rise in COVID-19 cases in the US to record levels may derail economic recovery, hit risk appetite.Globally, the total number of coronavirus cases crossed 12.2 mln, and the death toll is over 550,000, media reports said. Out of these, the US accounts for over 3.1 mln of the total cases with Florida, Texas and California reporting a record number of new cases on Thursday.Over 60,500 new COVID-19 infections were reported in the US on Thursday, marking the largest single-day rise in cases by any country. The foreign funds for investments into Reliance Industries Ltd's subsidiary Jio Platforms that had been anchoring the rupee above 76.00 a dollar for more than a month, is likely to wane. A large part of hefty inflows has already hit the currency market.Multiple foreign companies have collectively acquired over 25% stake in the digital company, over the past couple of months. With Intel Capital being the latest investor, the total investments into Jio Platforms are around $15 bln.......
Share indices tumbled globally as investors turned risk-averse as resurgence in coronavirus cases across the US stoked concern that global economic recovery might slow down.In the US, more than 60,000 new coronavirus cases were reported on Wednesday, the largest single day count by any country, and for the second consecutive day, deaths in the US went up by more than 900.This fuelled fears that renewed lockdown might hurt economic recovery.World Health Organization has said that while the virus, which has infected more than 12 mln people worldwide, can be brought under control, it is "getting worse" in most of the countries.On the data front, weekly jobless claims showed that more than 1 mln Americans applied for jobless insurance, indicating that the economy is not adding jobs besides for those who only saw temporary layoffs.The report also said that in the third week of June a record 32.9 mln people were collecting jobless checks, adding to concerns that the labor market would take years to recover from the coronavirus pandemic.......