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Rupee falls 43 paise to settle at a record low of 76.87 against US dollar

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Indian two thousand and five hundred rupee banknotes are arranged for a photograph in Mumbai, India. (Image source: Bloomberg)

The rupee slipped 43 paise to settle at an all-time low of 76.87 against the US dollar on Thursday, amid rising concerns over coronavirus-led economic slowdown.

Earlier in the day, the Indian currency had opened on a weak note at 76.75, and as the day progressed it lost further ground to end at 76.87 against the greenback, down 43 paise from the previous close. It had settled at 76.44 against the dollar on Wednesday.

During the intraday trade, the rupee moved between 76.68 and a low of 76.87 against the US currency.

According to a PTI report citing forex traders, the weakness in the rupee was largely due to strengthening of the US Dollar against a basket of currencies as investors fled to safe-haven greenback amid weakening risk appetite in the markets.

The dollar index, which gauges the dollar's strength against a basket of six currencies, rose by 0.29 per cent to 99.75, the report said.

This apart, the market sentiments were also affected due to ongoing concerns over the impact of COVID-19 on the domestic and global economy.

The highly contagious disease has infected over 12,000 people so far across the country.