Indian rupee depreciated considerably against the US dollar on Tuesday, as investor sentiments remained fragile amid coronavirus fears. Stronger dollar against key global currencies and subdued equity market too put pressure on the domestic unit. Market participants failed to take support with a US-based think tank World Population Review report showing that India emerged as the world's fifth largest economy by overtaking the UK and France in 2019. It added that India is developing into an open-market economy from its previous autarkic policies. On the global front, euro weakened on Tuesday, close to the three-year low it touched on Monday, after a German survey showed a slump in investor confidence, adding to pessimism about the outlook for Europe's largest economy.
The last traded price of rupee was 71.56, 24 paise weaker from its previous close of 71.32 on Monday. The currency touched a high and low of 71.56 and 71.37 respectively. The reference rate for the dollar stood at 71.42 and for Euro stood at 77.41 on February 17, 2020. While the reference rate for the Yen stood at 65.02, the reference rate for the Great Britain Pound (GBP) stood at 93.17.
