Rupee weakens against USD as Coronavirus fear continues

Indian rupee weakened against US dollar on Monday as the investors remained cautious amid concern over the impact of Coronavirus outbreak on the global economy.

The number of deaths globally in the new Coronavirus outbreak passed 3,000 on Monday, as China reported 42 more deaths.

Nevertheless, positive opening in domestic equities and weakening of American dollar in the overseas market restricted the downfall to some extent.

On the global front, yen and euro gained against US dollar as the traders raised their bets for an interest rate cut by US Federal Reserve this month to shield the economy from the rapid spread of Coronavirus.

The partially convertible currency is currently trading at 72.27, weaker by three paise from its previous close of 72.24 on Friday. The currency touched a high and a low of 72.3675 and 72.0450, respectively.