Rupee hits record low; slips below 75 against US dollar

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Rupee hits record low; slips below 75 against US dollar

Mar 20, 2020 11:42 IST

The Indian rupee on Thursday fell 90 paise to record low of 75.12 against the US dollar. The dollar has begun its relentless climb against major currencies as investors are selling what they can to keep their money in dollars due to wild financial market volatility and worries over tightening liquidity triggered by the coronavirus pandemic. The dollar index is hovering around a three-year high level. Sterling crashed near the lowest since 1985 against the greenback. The Australian dollar plunged to a 17-year low, while the New Zealand dollar crashed to an 11-year low as investors dumped riskier assets. The euro initially rose after the ECB announced a stimulus package, but the currency pair erased gains later.

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