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

Traders expect the central bank to step in to prevent further sharp falls in the currency but don't see it protecting the rupee at any particular level

Reuters  |  Mumbai 

Rupee
The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the ECB disappointed by not cutting rates

The Indian dropped to a record low on Friday, weighed down by worries over the pandemic that has prompted investors to dump riskier assets and move towards safe havens.

The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates.

The partially convertible dropped to a record low of 74.5075 against the dollar before recovering slightly to trade at 74.4445 by 0355 GMT.

Traders expect the central bank to step in to prevent further sharp falls in the currency but don't see it protecting the at any particular level.

 

First Published: Fri, March 13 2020. 10:08 IST
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