Mumbai, April 22: The Indian rupee on Wednesday plummeted to an all-time low of 76.91 against the US dollar in the early trade, reported The Economic Times. The forex market continues to struggle with the economic crisis due to the coronavirus outbreak. According to reports, the weakness in the Indian rupee is mainly because of the strengthening of the US Dollar. The rupee opened at 76.86 at the interbank forex market, and within in minutes it fell to 76.91, eight paise lower over Tuesday’s close. However, the rupee, has recovered and is currently trading around 76.80. World's Biggest Lockdown To Contain Spread of Coronavirus May Have Cost Rs 7-8 Trillion to Indian Economy.

“The Indian Rupee could start the session weaker against the US Dollar this Wednesday morning as risk-off sentiments in the markets continue to see investors flee to the safe-haven US Dollar,” reported The Business Today citing research note of Reliance Securities. As the investors fled to safe-haven US dollars, Asian currencies have started to fall. Facebook Announces Investment of Rs 43,574 Crore in Reliance Jio Platforms For 9.99% Stake.

On Wednesday, the Indian markets opened on a flat note and soon zoomed 200 points up, but it was not able to sustain the rally, as it again slipped in the red. The markets are on a volatile mode, and Sensex was trading at 30,675.37, up 38.66. Nifty, on the other hand, was at 8,969 at 10 am.

The world is facing an economic slowdown due to coronavirus pandemic as lockdown has been imposed in major countries of the world. More than 2.5 million people have contracted COVID-19 across the globe. The death toll also crossed 176,000. In India, the number of COVID-19 cases rose to 19,984 on Wednesday. The number of deaths due to the deadly virus also jumped to 640 in the country.

(The above story first appeared on LatestLY on Apr 22, 2020 02:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).