Mumbai, March 13: The rupee on Friday hit a fresh record low of 74.50 against the US dollar following sharp sell-off in domestic equities. As markets around the world tumbled because of the coronavirus fear, rupee too felt the heat. The Indian markets today opened in the red tracking weak global markets. Both Sensex and Nifty soon hit the lower circuit, and as a result of which, trading was halted for 45-minutes. Indian Markets Reopen After 45-Minute Trading Halt Amid Coronavirus Fears, Sensex Recovers But Stays 1,500 Points Down, Nifty at 9,142.

On Thursday, the Indian currency slipped 60 paise to close at a new 17-month low of 74.28 amid coronavirus fears giving rise to global economic recession fears. There is panic across the world as COVID-19 continues to spread and the number of infected people rises along with it. Analysts have predicted that the global economy is plunging into a period of deep crisis as the coronavirus has already claimed more than 5,000 lives and sickened numerous lives across the globe.

Reserve Bank announced liquidity measures such as buy-sell swap of USD 2 billion to increase dollar availability with banks and ease pressure on the rupee, according to reports.

(The above story first appeared on LatestLY on Mar 13, 2020 10:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).