Indian rupee weakened against the US dollar on Monday as investors remained cautious amid concerns over the impact of corona virus outbreak on the global economy. The number of deaths globally in the new corona virus outbreak passed 3,000 on Monday, as China reported 42 more deaths. Though, positive opening in domestic equities and weakening of the American dollar in the overseas market restricted the downfall to some extent. On the global front, the yen and the euro gained against the US dollar as traders raised their bets of an interest rate cut by the US Federal Reserve this month to shield the economy from the rapid spread of the corona virus.
The partially convertible currency is currently trading at 72.27, weaker by 3 paise from its previous close of 72.24 on Friday. The currency touched a high and low of 72.3675 and 72.0450 respectively. The reference rate for the dollar stood at 72.18 and for Euro stood at 79.44 on February 28, 2020. While the reference rate for the Yen stood at 66.30, the reference rate for the Great Britain Pound (GBP) stood at 93.01.
