Indian rupee strengthened against dollar on Monday, as bankers and exporters took to selling of American currency. Market participants took some support with Reserve Bank Governor Shaktikanta Das’ statement that momentum is gathering pace on credit growth and expressed hope that transmission of rate cuts will improve further in the coming days. However, gains remain capped as Moody's Investors Service slashed India's growth forecast to 5.4 percent for 2020 from 6.6 percent projected earlier on slower than expected economic recovery. On the global front, euro was on the back foot on Monday, as concerns mounted about weakening economic growth in Europe at a time financial markets and policy makers fret about a new threat to the global economy from a fast spreading coronavirus in China.
The last traded price of rupee was 71.29, 8 paise stronger from its previous close of 71.37 on Friday. The currency touched a high and low of 71.48 and 71.24 respectively. The reference rate for the dollar stood at 71.38 and for Euro stood at 77.35 on February 14, 2020. While the reference rate for the Yen stood at 65.03, the reference rate for the Great Britain Pound (GBP) stood at 93.12.
