Extending weakness for the second day, Indian rupee depreciated considerably against dollar on Tuesday, amid sharp selling seen in the domestic equity markets on the back of drop in the oil prices. Traders remained cautious a survey by industry body FICCI revealed sharpest moderation in the confidence level of India Inc since the global financial crisis of 2008-09 as the coronavirus outbreak has adversely affected their businesses. It said the Overall Business Confidence Index stood at 42.9 in the current round vis-a-vis an index value of 59.0 reported in the last survey. Strengthening of the greenback overseas and a sharp rise in coronavirus cases in the country also affected the rupee sentiment. On the global front, U.S. dollar rose on Tuesday against most major currencies as investors sought a safe haven after a plunge in oil prices a day earlier.
Finally, the rupee ended at 76.83, 30 paise weaker from its previous close of 76.53 on Monday. The currency touched a high and low of 76.84 and 76.62 respectively. The reference rate for the dollar stood at 76.63 and for Euro stood at 83.17 on April 20, 2020. While the reference rate for the Yen stood at 71.05, the reference rate for the Great Britain Pound (GBP) stood at 95.48.
