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Rupee falls sharply against dollar on Monday
Mar-30-2020

Indian rupee depreciated sharply against the US dollar on Monday, amid buying in the American currency by banks and importers. Traders remain concerned as Fitch Solutions slashed its estimate for India's GDP growth in the fiscal starting April 1 to 4.6 per cent due to weaker private consumption and contraction in investment amid coronavirus outbreak, costing economies around the globe. Some cautiousness also came in as the country’s foreign exchange reserves fell by a whopping $11.98 billion to $469.909 billion in the week to March 20 as the Reserve Bank continued to supply dollars into the market to stem fall in the rupee. A broadly stronger US dollar along with a weak trend in domestic equity markets also weighed on investors' sentiment. On the global front, dollar snapped a week of declines and the safe-haven yen found support on Monday, as coronavirus lockdowns tightened across the world and investors braced for a prolonged period of uncertainty.

The last traded price of rupee was 75.59, 70 paise weaker from its previous close of 74.89 on Friday. The currency touched a high and low of 75.59 and 75.13 respectively. The reference rate for the dollar stood at 74.84 and for Euro stood at 82.64 on March 27, 2020. While the reference rate for the Yen stood at 68.89, the reference rate for the Great Britain Pound (GBP) stood at 91.56. 

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