Falls to record low of 76.87 against dollor

Mumbai: The Indian rupee tanked 43 paise to settle at an all-time low of 76.87 against the US dollar on Thursday, amid rising concerns over Covid-19-led economic slowdown. Forex traders said the weakness in the rupee was largely due to strengthening of the US Dollar against a basket of currencies as investors fled to safe haven greenback amid weakening risk appetite in the markets.

At the interbank foreign exchange, the rupee opened weak at 76.75, and during the day lost further ground to settle at 76.87, registering a fall of 43 paise over its previous close. During the session, the rupee moved between 76.68 and a low of 76.87 against the dollar. On Wednesday, the rupee had settled at 76.44 against the greenback.

Besides, investor sentiments remain fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy. Brent crude futures, the global oil benchmark, rose 1.17 per cent to $28.18 per barrel.

The dollar index, which gauges the greenback's strength against a basket of six currencies, rose by 0.29 per cent to 99.75.