The Indian Rupee opened with sharp losses of 18p at 71.51/$ after investors scurried to safe havens owing the rising concerns around the virus outbreak in China.
The local unit closed lower at 71.33/$ on Friday against the USD due to dollar demand from importers amid a correction in crude oil prices following the coronavirus outbreak in China.
China's National Health Commission said on Sunday that infections could continue to rise, with more than 2,700 people globally infected and 80 in China killed by the disease so far.
Oil prices fell a further 2% as the rising number of cases of the new China virus and city lockdowns raised concerns about the demand for crude, even as Saudi Arabia's energy minister sought to calm the market.
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