The Indian rupee slumped 59 paise in the opening trade and it is at the lowest level since October 2018. The local unit opened at 73.94 per dollar vs. the previous close of 73.35/$.
On Thursday, the rupee snapped its four-session losing run to close higher by 6 paise at 73.33 against the US dollar amid hopes that efforts by countries and global agencies would offset financial damage from the novel coronavirus outbreak.
Yields on 10-year US Treasuries fell to a record low, also oil prices fell due to worries that non-OPEC oil producers might not agree to output cuts even though global energy demand is weakening.
Meanwhile, benchmark indices tumbled in the opening trade on Friday tracking another steep fall on Wall Street, with banking stocks seen coming under pressure after the country's central bank placed Yes Bank under a moratorium and took over its board. The Sensex plunged 1,281.85 points or over 3% at 37,189 and the Nifty slumped 386 points or 3.4% at 10,882.70.
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