The Indian inter-bank markets remain closed due to Holi while the rupee remains weak due to the fear of the deadly virus. It however recovered from a one way fall with the news of Yes Bank revival by SBI and another financial fiasco in a negatively positioned economic scenario, saving the country from a sure financial collapse. The deadly coronavirus has infected over 107,000 people across the world, more than 25 new countries have reported cases of COVID-19 over the past few days. Italy imposed a quarantine in the norther part of the country, including financial capital Milan. The death toll in the country jumped by 133 in the past 24 hours, bringing the total number to 366. As of Sunday, Italy confirmed 7,375 infections. Oil prices plunged about 25% after Organization of the Petroleum Exporting Countries, their allies and Russia refused to agree Saudi Arabia's plan to cut additional production. In response, Saudi Arabia said it would cut crude oil prices and increase production of the commodity. At 0830 IST, prices of Brent crude futures for April delivery traded at $36.92 per barrel on the Intercontinental Exchange, compared with $45.27 per bbl at close on Friday. Fall in oil prices is not good for any emerging markets, it generally indicates a slowdown or beginning of recession. These developments have raised fears of a price war between major crude oil producers of the world. Global weakness in the US dollar may provide some support to the rupee today. Market participants are of the view that the US Federal Reserve will go for another rate cut when it reviews monetary policy in a meet starting Mar 17, amid fast-spreading coronavirus and concern over its impact on economic growth. At 0830 IST, the dollar index, which measures the greenback's strength against major currencies, was at 95.06 against 96.95 on Friday.Market participants are of the view that the RBI may keep sharp depreciation in the rupee in check through its dollar-selling intervention in the spot as well as the derivatives market.