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Rupee drops by 31 paise as global selloff pulls sensex by 1.1 per cent

The Sensex slumped by 587 points, or 1.1 per cent, to 52,553.40 and the Nifty50 shed 171 points, or 1.07 per cent, at 15,752.40.

Domestic markets on Monday joined a global selloff amid rising Covid-19 cases, inflation woes and slackening growth prospects in the US. The Sensex plummeted by 587 points, or 1.1 per cent, to 52,553.40 and the Nifty50 shed 171 points.

The rupee also dropped 31 paise and inched closed to the 75 level to end at 74.88 against the US currency.

Meanwhile, in the US, the Dow and S&P 500 indices sank over 2 per cent Monday as investors sold off economically sensitive shares and travel stocks and sought the perceived safety of bonds on fears that a spike in Covid cases would derail economic recovery, as per a Reuters report. 

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