Rupee plummets to all-time low of 76.88 against US dollar in early trade

Rupee plummets to all-time low of 76.88 against US dollar in early trade

The Indian rupee plummeted to an all-time low of 76.88 against the US dollar in opening trade on Wednesday, amid strengthening of the US dollar overseas and rise in coronavirus cases in the country. On 16 April, rupee had slumped to 76.87 against US dollar.

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.

The rupee opened weak at 76.86 at the interbank forex market and then fell further to 76.88, down 5 paise over its last close.

The rupee had settled at 76.83 against the US dollar on Tuesday.