.jpg)
.png)
The Indian rupee slipped in the early trade on Monday. It has opened lower by 25 paise at 74.03 per dollar against Friday's close 73.78.
On Friday, rupee plummeted by 46 paise to end at 73.78 against the US dollar as coronavirus-panicked investors kept assessing deteriorating financial markets.
Rupee depreciated sharply by more than 2.5 percent to hit a 17-months low this week as investor sentiments remained fragile amid escalating worries over the impact of rapidly spreading coronavirus globally. However, fall was cushioned due to possible intervention of RBI," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services
"Going forward market participates will have a close eye on any possible intervention/update by RBI or Government. On upside crucial resistance lies at 74.47 (all-time low) and if Rupee consistently trades above 74.47 then 75.0-75.50 is expected. However, these levels are highly unsustainable and are more likely to witness a reversal thereafter. But, any updates about rise in cases on coronavirus will lead to sharp depreciation in Rupee," he added.