Rupee is nearing its all-time low level

Indian rupee weakened against US dollar on Thursday, tracking worsening rout in world markets after World Health Organisation (WHO) declared the new Coronavirus (COVID-19) a pandemic that flared up fears of a global economic recession.

Further, the weak domestic equities and foreign fund outflows too dragged down the domestic currency. Foreign Institutional Investors (FIIs) sold shares worth Rs 3,515.38 crore on Wednesday, exchange data showed. Though, weakening of American currency in the overseas market and easing crude oil prices supported rupee and restricted its fall.

On the global front, US dollar declined against euro and yen after US President Donald Trump rattled markets with a month-long ban on European travel to United States in an effort to curb the spread of Coronavirus, threatening more disruptions to businesses and the world economy.

The partially convertible currency is currently trading at 74.18, weaker by 50 paise from its previous close of 73.68 on Wednesday. The currency touched a high and a low of 74.5000 and 74.0900, respectively. The all-time low level has been of 74.48 per dollar.