Last week, the rupee ended marginally lower at 71.65 on February 20 against the February 14 closing of 71.36.
The Indian rupee opened 24 paise lower at 71.89 per dollar on February 24 against the previous session close at 71.65.
Last week, the rupee ended marginally lower at 71.65 on February 20 against the February 14 closing of 71.36.
Rupee suffered a fall, tracking weakness in other Asian peers while safe-haven gold surged as the spread of the coronavirus outside China darkened the outlook for world growth with infections and deaths rising in South Korea, Italy and West Asia.
"Rupee started the day very weak with a gap down opening, majorly due to coronavirus spreading beyond China to other countries, raising the concerns over global slowdown and making dollar stronger compared to other currencies as Dollar remains unaffected by the coronavirus. Going ahead rupee will move according to deal talks between the US & India in the two-day Trump visit which can give some positive moves to domestic currency," said Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities.
South Korea reported 161 more coronavirus cases Monday, taking the nationwide total to 763 and making it the world's largest total outside China, PTI reported.
The country has seen a rapid surge in the number of coronavirus cases -- adding more than 700 cases in less than a week -- since a cluster of infections emerged from a religious sect in the southern city of Daegu.
The cascading effect of coronavirus epidemic might cause a drag of about a percentage point on global GDP growth if the containment is delayed beyond June, CNBC TV-18 quoted a report saying so.
According to the report by Dun & Bradstreet, the outbreak of coronavirus is already having a considerable impact on the Chinese economy, and its implications will increase for global businesses with operations or suppliers in the region.
Typically, there is a slowdown in the Chinese business activity during late-January on account of the Lunar New Year holidays. This is generally factored into the inventory planning by global businesses, hence, the impact on them has so far been muted, the report said.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
