Rupee tumbles to hit a new record low of 76.82/$

Currently, rupee is trading around 76.72 per dollar, weaker by 0.36 per cent from its previous close.

According to analysts, the weakening of the rupee came on the backdrop of broader strengthening of the greenback and subdued equity markets.

Equity and currency markets are subdued due to the bleak economic outlook both for India and the global economy amid the coronavirus pandemic

International Monetary Fund's World Economic Outlook (WEO) report recently released by Chief Economist Gita Gopinath expects presents a dark picture of the world with the global economy shrinking by 3 per cent this year.

Further, with the extension of the nationwide lockdown till May 3, a Barclays report has projected that India's GDP will stagnate and not grow at all during the calendar year 2020.

On Thursday, the BSE Sensex opened in the red and is currently trading at 30,284.81, lower by 95 points or 0.31 per cent. The NSE Nifty50 was at 8,897.40, lower by 27.90 points or 0.31 per cent from its previous close.

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Free Press Journal