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Rupee weakens past 76 per dollar mark on Monday
Mar-23-2020

Indian rupee fell sharply against the US dollar, weakening past 76 per dollar mark for the first time on Monday, as forex market continued to grapple with economic uncertainties due to the fast-spreading coronavirus pandemic. Traders also remain concerned after S&P Global Ratings cut its estimate for India's GDP growth in the fiscal starting April 1 to 5.2 per cent from its earlier estimate of 6.5 per cent, as it saw the outbreak of coronavirus costing economies around the globe. Moreover, the steep decline in domestic equities and sustained foreign fund outflows further dampened the sentiment. On the global front, dollar erased most of its early losses and rose towards a three-year high on Monday as a global selloff in stocks rippled over into early European trading, burnishing the safe-haven appeal of the greenback.

The last traded price of rupee was 76.28, weaker by Rs 1.08 from its previous close of 75.20 on Friday. The currency touched a high and low of 76.28 and 75.86 respectively. The reference rate for the dollar stood at 75.00 and for Euro stood at 80.64 on March 20, 2020. While the reference rate for the Yen stood at 68.19, the reference rate for the Great Britain Pound (GBP) stood at 87.42.

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