Rupee hits record low of 74.5 against US dollar amid coronavirus scare

Lavern Vogel

The Indian rupee dropped to a record minimal on Friday, weighed down by concerns above the coronavirus pandemic that has prompted buyers to dump riskier belongings and move towards safe and sound havens. The dollar stood tall on Friday as buyers scrambled for the world’s most liquid currency amid deepening […]

The Indian rupee dropped to a record minimal on Friday, weighed down by concerns above the coronavirus pandemic that has prompted buyers to dump riskier belongings and move towards safe and sound havens.

The dollar stood tall on Friday as buyers scrambled for the world’s most liquid currency amid deepening stress while the euro nursed losses just after the European Central Financial institution disappointed by not cutting charges.

The partly convertible rupee dropped to a record minimal of seventy four.5075 towards the dollar before recovering a little to trade at seventy four.4445 by 0355 GMT.

Traders be expecting the central bank to stage in to prevent additional sharp falls in the currency but you should not see it defending the rupee at any unique stage.

 

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