Indian rupee came under pressure for the third consecutive trading session and went below the 73 a dollar mark on Tuesday despite hopes that policymakers across the world would take measures to ease the economic fallout from the coronavirus outbreak. Finance ministers and central bank chiefs from G7 countries will hold talks later in the day to discuss ways to coordinate their responses to cushion the epidemic's impact on the global economy. The rupee sentiment got hit as the Organisation for Economic Cooperation and Development (OECD) lowered India’s GDP growth forecast to 5.1%, from its earlier projection of 6.2%, for FY21 on concerns over the impact of deadly coronavirus on the domestic as well as the global economy. On the global front, safe-haven Japanese yen gained on the dollar on Tuesday, as the market tempered hopes for global monetary easing with worries about its scale and efficacy in combating the economic damage from the coronavirus outbreak.
The last traded price of rupee was 73.30, 54 paise weaker from its previous close of 72.76 on Monday. The currency touched a high and low of 73.34 and 72.43 respectively. The reference rate for the dollar stood at 72.24 and for Euro stood at 79.76 on March 2, 2020. While the reference rate for the Yen stood at 66.73, the reference rate for the Great Britain Pound (GBP) stood at 92.74.
