MUMBAI: The Indian rupee dropped to a record low on Friday, weighed down byworries over the coronavirus pandemic that has prompted investors to dumpriskier assets and move towards safe havens.
The dollar stood tall on Friday as investors scrambled for the world’s mostliquid currency amid deepening panic while the euro nursed losses after theEuropean Central Bank disappointed by not cutting rates.
The partially convertible rupee dropped to a record low of 74.5075 againstthe dollar before recovering slightly to trade at 74.4445 by 0355 GMT.
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Traders expect the central bank to step in to prevent further sharp fallsin the currency but don’t see it protecting the rupee at any particularlevel.
