Rupee weakens bit against dollar on Tuesday

31 Mar 2020 Evaluate

Indian rupee erased all its intraday gains and weakened a bit against dollar on Tuesday, due to fresh demand for the American currency from banks and importers. Investors' sentiment remained fragile amid concerns over the impact of the coronavirus outbreak on the domestic as well as global economy. Some concern also came as domestic credit rating agency India Ratings (Ind-Ra) cuts its FY21 growth forecast to 3.6% amid coronavirus-related worries. It has assumed that a full or partial lockdown will continue till end of April and economic activities will be gradually restored only after May. However, strong trend in the domestic equity market supported the rupee. On the global front, dollar climbed against a swathe of currencies on Tuesday amid fiscal year-end demand by Japanese firms while the Australian dollar slipped despite a Chinese survey showing manufacturing returned to growth in March.

The last traded price of rupee was 75.60, 1 paise weaker from its previous close of 75.59 on Monday. The currency touched a high and low of 75.66 and 75.31 respectively. The reference rate for the dollar stood at 75.34 and for Euro stood at 83.45 on March 30, 2020. While the reference rate for the Yen stood at 69.84, the reference rate for the Great Britain Pound (GBP) stood at 93.36. 

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