Continuing its downward journey for second straight session, Indian rupee depreciated considerably against the US dollar on Monday, amid buying in the American currency by banks and importers. Investor sentiments remained fragile with Asian Development Bank’s (ADB) statement that the coronavirus outbreak has the potential to significantly harm the Asian economies, and the global economy may suffer losses of $77-347 billion. Sharp losses in the local equities and foreign fund outflows also dragged the local unit. Though, weakening of the American currency in the overseas market and easing crude oil prices supported the rupee some extent. On the global front, Sterling gained further against a sinking dollar on Monday, as coronavirus fears and a slump in oil prices roiled world markets.
The last traded price of rupee was 74.07, 20 paise weaker from its previous close of 73.87 on Friday. The currency touched a high and low of 74.17 and 73.85 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.
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