Money News

Rupee hits record low amid coronavirus scare

An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration

MUMBAI (Reuters) - The Indian rupee dropped to a record low on Friday, weighed down by worries over the coronavirus 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 rupee 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 rupee at any particular level.

Reporting by Swati Bhat