Indian rupee weakened against US dollar on Thursday, tracking worsening rout in world markets after the World Health Organization (WHO) declared the new corona virus (COVID-19) a pandemic that flared up fears of a global economic recession. Further, weak domestic equities and foreign fund outflows too dragged down the domestic currency. Foreign Institutional Investors (FIIs) sold shares worth Rs 3,515.38 crore on Wednesday, exchange data showed. Though, weakening of the American currency in the overseas market and easing crude oil prices supported the rupee and restricted its fall. On the global front, the US dollar declined against the euro and yen after US President Donald Trump rattled markets with a month-long ban on European travel to the United States in an effort to curb the spread of the corona virus, threatening more disruptions to businesses and the world economy.
The partially convertible currency is currently trading at 74.18, weaker by 50 paise from its previous close of 73.68 on Wednesday. The currency touched a high and low of 74.5000 and 74.0900 respectively. The reference rate for the dollar stood at 73.95 and for Euro stood at 84.33 on March 9, 2020. While the reference rate for the Yen stood at 72.06, the reference rate for the Great Britain Pound (GBP) stood at 96.66.
