Indian rupee witnessed significant fall against the US dollar on Friday, as investors braced for a prolonged period of uncertainty amid coronavirus cases witnessed a sharp rise across the world and in India. Traders remained wary as Fitch Solutions stated that India's fiscal deficit in 2020-21 may shoot up to 6.2% of the GDP from 3.5% government estimate as a fallout of the Covid-19 economic stimulus package. Some cautiousness also came as the Asian Development Bank (ADB) said that India's economic growth is likely to slow down to 4 per cent this fiscal on the back of the current global health emergency. Strengthening of the American currency in the overseas market also added to the woes of the Indian currency. On the global front, dollar resumed its climb against major currencies on Friday as investors took refuge in safety bids amid worsening economic fallout from the coronavirus pandemic.
The last traded price of rupee was 76.13, 53 paise weaker from its previous close of 75.60 on Tuesday. The currency touched a high and low of 76.17 and 75.79 respectively. The reference rate for the dollar stood at 75.38 and for Euro stood at 83.04 on March 31, 2020. While the reference rate for the Yen stood at 69.65, the reference rate for the Great Britain Pound (GBP) stood at 93.07.
