Rupee weakens again as Coronavirus fear continues

Indian rupee weakened against US dollar on Friday, followed by continued foreign fund outflows and weak domestic equities amid a sell-off across the globe as the spread of Coronavirus pandemic stoked fears of recession.

Further, the Reserve Bank of India's decision to place Yes Bank under a moratorium and taking over its board also weighed on market sentiment. Though, there are hopes that efforts by countries and global agencies would offset financial damage from the novel Coronavirus outbreak.

Foreign Portfolio Investors (FPIs) sold equities worth Rs 2,476.75 crore on net basis on Thursday, exchange data showed. On the global front, US dollar dropped after US President Donald Trump said US economy might take a hit from the outbreak.

The partially convertible currency is currently trading at 73.70, weaker by 37 paise from its previous close of 73.33 on Thursday. The currency touched a high and low of 74.0800 and 73.6400, respectively.