• Wednesday, May 29, 2024

Business

Indian rupee plunges to record low against US dollar

Representational image (iStocks)

By: Pramod Thomas

THE Indian rupee on Thursday (16) declined 36 paise to an all-time low of 76.80 against the US dollar in opening trade. 

Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against the basket of currencies as investors fled to safe haven Greenback amid weakening risk appetite in the markets.

The rupee opened weak at 76.75 at the interbank forex market and then fell further to hit an all-time low of 76.80, down 36 paise over its last close.

The Indian currency settled at 76.44 against the US dollar on April 15.

Indian equity markets also started on a negative note as Asian stock markets are set to tumble amid increasing gloomy economic outlooks for Asia, Reliance Securities said in a report.

IMF said that Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the COVID-19 crisis takes an ‘unprecedented’ toll on the region’s service sector and major export destinations, the report noted.

The number of COVID-19 cases around the world has crossed over two million. In India, nearly 12,000 coronavirus cases have been reported so far.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.46 per cent to 99.91.

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