Rupee hits 17-month low at 74.34/$

The Indian rupee on Thursday weakened to a 17-month low of 74.34 per US dollar as global markets slumped after the World Health Organization declared coronavirus as a global pandemic.

It has however, somewhat recovered from the lows to trade around 74.14 per greenback.

The rupee hit its record low in October, 2018, when it was 74.48.

The concerns of the coronavirus outbreak severely impairing the global economy have off late weighed on the investor sentiments across markets. The declaration of the disease as a pandemic late on Wednesday has further deepened the concerns.

Stocks markets across the globe have plunged after WHO's announcement on Wednesday. Indian equities also slumped with the BSE Sensex trading over 1,800 points lower.

At 10.20 a.m., Sensex was trading at 33,824.09, lower by 1,873.31 or 5.25 per cent from its previous close. The NSE Nifty50 was trading 564.45 points or 5.40 per cent lower at 9,893.95.

Along with the coronavirus fears, fall in oil prices also led to the depreciation in the Indian currency. Brent crude is currently trading around $34 per barrel.