Rupee hits all-time low; breaches 76-mark against US dollar

The rupee on Monday fell below 76 level against US dollar as major economic hubs in the country face lockdown from today.

The rupee opened 50 paise lower on the interbank forex market at 75.68 and treaded lower to crash by 96 paise to 76.14, before partially recovering. At the time of filing this copy, domestic currency was trading at 75.98, down 80 paise against the US dollar.

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The rupee gave on Friday gave up gains to settle 8 paise lower at a fresh life-time low of 75.20 against the US dollar as forex market continued to grapple with economic uncertainties due to fast-spreading coronavirus pandemic. At the interbank foreign exchange market, the domestic currency opened higher at 74.82 on Friday and gained more strength as the day progressed. It went on to hit a high of 74.72 before succumbing to weakening sentiments due to the virus scare. The Indian unit finally settled at 75.20, down 8 paise against the US dollar.

Globally, all central banks including RBI are trying to reduce the risk and loosen the tight liquidity however the increasing number of coronavirus cases in India will keep the rupee on an edge, he said.

The dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.79 per cent to 101.95, helping the rupee trade higher. The domestic unit had closed at 75.12 against the US currency on Thursday.

With PTI inputs