USD/INR closed at  74.25 against its opening at 74.16. The rupee was higher against the US dollar in early trade today tracking strength in the Chinese yuan in offshore trade. The rupee may, however, come under pressure during the day because investors worldwide remained anxious about economic implications of the coronavirus pandemic. While worries over economic damage due to the virus loomed large, some investors across the globe drew relief from Trump's comments and turned away from the safe-haven Japanese yen. The US Federal Reserve, in an emergency move has already lowered its federal funds rate target range by 150 basis points this month, which has failed to spur optimism and rather worsened the global appetite for emerging market assets, including India. Back home, traders may refrain from placing large bets against the Indian currency given that the RBI may cushion sharp depreciation in the rupee by intervening in the spot around 74.30 a dollar, dealers said. The central bank is said to have sold about $500 mln on Monday in an attempt to keep the rupee's fall in check. Foreign portfolio investors are expected to continue withdrawing funds from domestic assets, which may weigh on the rupee. However, some exporters who want to take advantage of higher dollar/rupee levels before they close their books at the end of this financial year, may also sell the US unit.