Erasing all of its initial losses, Indian rupee ended almost flat against dollar on Monday, tracking weak domestic equities and sharp rise in coronavirus cases in the country. Market participants were concerned as the World Bank said India is likely to record its worst growth performance since the 1991 liberalisation this fiscal year as the coronavirus outbreak severely disrupts the economy. Besides, investors awaited cues from CPI data for March and the minutes of the Monetary Policy Committee’s latest meeting scheduled to be released later in the day. However, traders found some support with data showing that India's industrial output, measured in Index of Industrial Production (IIP), grew 4.5% in February 2020, mainly on account of higher output in mining, manufacturing and electricity sector. The output for February is the highest number since July 2019 - when it stood at 4.3%. IIP had grown by 0.2% in February 2019 and 2% in the preceding month (January 2020).
Finally, the rupee ended at 76.27, 1 paise stronger from its previous close of 76.28 on Thursday. The currency touched a high and low of 76.45 and 76.25 respectively. The reference rate for the dollar stood at 76.45 and for Euro stood at 82.91 on April 9, 2020. While the reference rate for the Yen stood at 70.18, the reference rate for the Great Britain Pound (GBP) stood at 94.54.
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