Indian rupee ended weaker against dollar on Monday, amid strengthening of the American currency overseas and sharp rise in coronavirus cases in the country. Traders remained cautious as Fitch Solutions cut India's economic growth forecast for the financial year 2020-21 to 1.8 per cent saying private consumption is likely to contract due to large-scale loss of income in the face of worsening domestic outbreak of COVID-19. Some anxiety also came with Moody's Investors Service in its latest report stating that the Reserve Bank of India's (RBI) a slew of liquidity-boosting measures for the non-banking financial company (NBFC) sector are unlikely to boost the credit flow to the broader economy as NBFCs would shore up their own liquidity rather than on-lending to customers. On the global front, dollar found support on Monday and a rally in riskier currencies lost steam, as investors braced for more dire news on the fallout from the coronavirus and governments across the globe moved only cautiously toward an economic re-start.
Finally, the rupee ended at 76.53, 14 paise weaker from its previous close of 76.39 on Friday. The currency touched a high and low of 76.68 and 76.43 respectively. The reference rate for the dollar stood at 76.54 and for Euro stood at 83.05 on April 17, 2020. While the reference rate for the Yen stood at 71.04, the reference rate for the Great Britain Pound (GBP) stood at 95.46.
