Indian rupee weakens against USD despite easing crude prices

Indian Rupee weakened against US dollar on Tuesday, though crude prices eased. The investors took note of the report about the most valuable company in United States-Apple Inc, which informed that it will not be able to meet its revenue projections for March quarter as Coronavirus epidemics had slowed down its production and declined its demand in China.

Negative trend in the domestic equities also trimmed the Indian currency.

On the global front, Dollar continued to rally against its major crosses but volatility remained low as US markets were shut on Monday on the account of President’s Day holiday.

The partially convertible currency is currently trading at 71.41, weaker by 12 paise from its previous close of 71.29 on Monday. The currency touched a high and low of 71.4425 and 71.3700, respectively. The reference rate for the dollar stood at 71.38 and for Euro, it stood at 77.35 on February 14, 2020. While the reference rate for Yen stood at 65.03, the reference rate for Great Britain Pound (GBP) stood at 93.12.