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Rupee weakens to record low; breaches 76 mark
Mumbai, March 23, 2020
COVID-19 heavily battered the Indian rupee on Monday as it weakened to an intra-day low of over 76 to a dollar.
This is a record low mark for the rupee. The previous level was 74.48 per greenback which was reached during late 2018.
Till now rupee weakened to 76.08 to a greenback at around 3.40 p.m. from its previous close of 75.20.
According to Sajal Gupta, Head Forex and Rates, Edelweiss Securities: "Markets are expecting some strong policy measures as has been done globally to improve sentiments and provide support to markets."
The rupee movement comes a day after central and state governments announced wide ranging measures including lockdowns and suspension of some public transport to contain the spread of Covid-19.
Many manufacturing companies have suspended operations.