Indian rupee weakened against US dollar on Monday, tracking global selloff amid mounting fears of a corona virus-led economic slowdown. The Yes Bank crisis and foreign fund outflows also hurt the investor sentiment. Foreign institutional investors (FIIs) sold shares worth Rs 3,594.84 crore on Friday, exchange data showed. Though, weakening of the American currency in the overseas market and easing crude oil prices supported the domestic unit and restricted the fall. On the global front, the safe-haven yen soared, the euro jumped after US treasury yields dropped and export sensitive currencies fell to multi-year lows as corona virus worries routed global markets. The overall confirmed cases on the mainland reached 80,735 by the end of Sunday which included 3,119 people who have died so far, 19,016 patients undergoing treatment and 58,600 patients discharged after recovery, China’s National Health Commission (NHC) said.
The partially convertible currency is currently trading at 74.01, weaker by 14 paise from its previous close of 73.87 on Friday. The currency touched a high and low of 74.03 and 73.8550 respectively. The reference rate for the dollar stood at 73.66 and for Euro stood at 82.69 on March 6, 2020. While the reference rate for the Yen stood at 69.56, the reference rate for the Great Britain Pound (GBP) stood at 95.43.
