Market participants are concerned that the sharp rise in coronavirus cases, which has crossed over 400 in the country.

The rupee on Monday tumbled by 102 paise to settle at a lifetime low of 76.22 (provisional) against the US dollar as domestic equities came under pressure following a sharp surge in coronavirus cases in India.

Forex traders said market participants are concerned that the sharp rise in coronavirus cases, which has crossed over 400 in the country, could weigh on the economy.

The rupee which opened on a weak note at 75.90 at the interbank forex market, finally settled at 76.22 against the US dollar, registering a decline of over 102 paise over its last close.

During the day it saw a high of 75.86 and a low of 76.30.

The local unit had settled at 75.20 against the US dollar on Friday.

COVID-19 cases in India has increased to 415, according to the Union Health Ministry.

“The currency has been weighed down in the last few sessions also due to broad strength in the dollar against its major crosses. On the domestic front, FIIs continued to remain net sellers in the equity and debt segment and selling has been to the tune of over $11 billion,” said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.