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Rupee hits record low of 74.50/$ amid corona crisis

Mumbai: The Indian rupee depreciated to a record low of 74.50 in its initial trade on Friday following the persistent fears of the coronavirus outbreak and bear run in the global financial markets.

Its previous low was 74.48 which it had hit in October 2018.

It had opened at 74.39, weaker by 17 paise from its previous close of 74.22.

However, the rupee has appreciated marginally from its lows and is currently trading at 74.09 per dollar.

With an aim to curb further weakness for the rupee, the Reserve Bank of India (RBI) on Thursday announced that it will undertake a six-month ‘sell/buy swap’ to provide liquidity to the foreign market.

Central banks across the world, including the US Federal Reserve, have taken steps including the announcement of emergency rate cuts to boost investor sentiments.

Further, a fall in crude oil prices also weighed on the rupee market. Brent crude is currently at $33.03, which is 0.6 percent lower than its previous close.