Rupee slides 17 paise to hit all-time low of 76.44 against US dollar

The Indian rupee pared early gains and settled for the day 17 paise lower at an all-time low of 76.44 (provisional) against the US dollar on Wednesday, tracking weak domestic equities and strengthening of the American currency overseas.

Forex traders said firm US dollar index weighed on the local unit. Besides, investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy.

At the interbank foreign exchange, the rupee opened strong at 76.07, but soon lost ground and finally settled at 76.44, registering a fall of 17 paise over its previous close.

During the session, the rupee witnessed high volatility and touched a high of 75.99 and a low of 76.48 against the US dollar.

On Monday, the rupee had settled at 76.27 against the greenback.

The forex market was closed on April 14 on account of Baba Saheb Ambedkar Jayanti.

Domestic bourses were trading on a negative note on Wednesday with benchmark indices Sensex trading 295.03 points lower at 30,394.99 and Nifty down by 71.45 points at 8,922.40.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.56 per cent to 99.43.