Rupee plunges to 17-mth low of 74.17 vs $

Mumbai: The Indian rupee slumped by another 30 paise to touch a 17-month low of 74.17 against the $ on Monday after global financial market meltdown signalled that the world is staring at a coronavirus-led economic recession.

At the interbank foreign exchange market, the local currency opened at 73.99. During the day, it moved northward, though briefly, to touch a high of 73.85.

Succumbing to weakening sentiment, the Indian currency finally settled lower by 30 paise at 74.17 to the American unit.

The dollar index, which gauges the greenback's strength against a basket of six currencies, too slipped 0.80 per cent to 95.18.

Forex traders said the rupee depreciated versus major trading currencies as a collapse in oil prices added to risk-off sentiment caused by relentless spread of coronavirus across the globe.