The Indian rupee on Tuesday ended on a flat note at 75.60 against the US dollar but logged a massive 9.36 per cent loss or 646 paise during the 2019-20 fiscal, mostly due to weakened sentiment in the wake of Covid-19 outbreak.
At close on Tuesday, the domestic currency was quoted mere 1 paisa lower at 75.60 to the American unit. During the session, the rupee traded between a high of 75.31 and a low of 75.66. Gains in equities and lower crude oil prices, however, restricted the rupee from venturing into the negative territory. Forex traders said market participants remained cautious as currency markets will remain shut for the next couple of sessions. Indian forex markets will remain shut on April 1 for the annual closing of banks and on April 2 on account of Ram Navami.
On a fiscal-year basis, the rupee has witnessed a sharp decline of 9.34 per cent in fiscal year 2019-20. The local unit has depreciated by 646 paise or 9.36 per cent in FY20. On March 29, 2019, the rupee was quoted at 69.14 to the dollar. Of this, 424 piase or 5.94 per cent loss has come in January-March quarter for the rupee, as coronavirus outbreak rattled the financail markets globally.
