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The rupee depreciated by 7 paise to close at 71.26 against the US dollar on Thursday as the spread of a deadly new virus from China stoked fears of a global pandemic.
However, softening crude prices and strong domestic equity market restricted the rupee’s fall, forex dealers said.
At the interbank foreign exchange market, the local currency opened on a weak note at 71.21. During the day, it swung between a high of 71.16 and a low of 71.35.
The Indian currency finally settled at 71.26, registering a loss of 7 paise over the previous close.
The domestic unit had settled at 71.19 against the American currency on Tuesday.
“USD/INR Pair traded in range of 71.20—71.30, as markets look out for new triggers rupee keeps trading in range but with weak bias due to corona virus being spread in China, which can dampen investment infusion. Rupee can be range of 71.20-71.35 in coming sessions,” Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities said.
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