Rupee opens 5 paise down at 71.32 against dollar

The rupee on Friday opened 5 paise down at 71.32 against the US dollar as the spread of a deadly new virus from China stoked fears of a global pandemic.

So far, more than 400 cases have been confirmed by public healthcare officials, with the bulk of them coming from China. Cases have also been confirmed in Thailand, South Korea, Japan and Taiwan.

“Most Asian currencies are under pressure, including the rupee, as concerns grow over the spread of an outbreak of a mysterious coronavirus. Chinese efforts to contain the spread, including putting a lockdown on Wuhan - a city of 11 million people at the epicenter of the crisis - has helped calm nerves and limit steeper losses. Today, USDINR pair is expected to quote in the range of 71.20 and 71.80,” brokerage firm Motilal Oswal Financial Services said.


Euro was weighed down and fell to its lowest level in seven-weeks after the ECB, in line with expectations, held rates unchanged and launched a “strategic review” of its inflation goal and tools.

It reaffirmed its pledge to keep rates at rock bottom or even cut them, while also buying bonds at €20 billion per month, until inflation in the euro zone headed back to its target of just under 2 per cent.

Today, from the Euro Zone market participants will be keeping an eye on preliminary manufacturing and services PMI number and weaker-than-expected number to keep the currency weighed down against the US dollar.

The domestic currency on Wednesday depreciated 7 paise to close at 71.27 against the greenback.