USD/INR closed at 71.3750 against its opening at 71.30. The Indian rupee was under mild pressure against the US dollar in early trade today because concerns over the impact of the fast-spreading coronavirus on global economy continued to weigh on sentiment. This has resulted in global risk aversion due to slowing consumer spending and manufacturing activity in the world's second largest economy, driving investors towards safe-haven Japanese yen. The Chinese yuan has declined by 0.7% this month so far. The rupee has largely coupled with the Chinese currency since the Reserve Bank of India started purchasing the greenback around 71.00-a-dollar level in significant quantum late September. In the face of slowing growth, the central bank has been standing in the way of the rupee's appreciation to maintain competitiveness with its trading partners, especially China. In the absence of significant triggers, the rupee track the Chinese yuan closely through the day. On the other hand, China is set to reduce retaliatory tariff rates on certain imports worth about $75 bln from the US, which will come into effect later today. This provided mild support to Asian equities, and will reflect on domestic share indices as well.