MUMBAI: The Indian rupee on Thursday opened at a fresh record low against the US dollar tracking fall in global equities and currencies.
Sentiment was also hit as many brokerages cut the country's growth estimates amid the coronavirus outbreak. The domestic currency opened at 76.74 and touched a record low of 76.81 a dollar.
At 10.20 am, the rupee was at 76.77, down 0.5% from its previous close of 76.44. Traders now await steps from the government to aid the economy besides news of a fiscal package.
According to brokerage firm Citi, rupee may continue to be under pressure from portfolio outflows over the near term, while the benefits of current account surplus may only play out in the medium term as the economy stabilizes.