The Indian rupee plunged to 17-month low against dollar on Thursday, a day after World Health Organization (WHO) said coronavirus outbreak is now a pandemic. The domestic currency started 62 paise down at 74.25 per dollar against previous close of 73.63. On Wednesday, the rupee settled higher against dollar amid positive domestic equities and weakening of the American dollar in the overseas market.

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Indian shares also plunged at opening on Thursday, following losses in global markets, as investors tally the economic damage of coronavirus. The Nifty breached its 10,000-mark, while Sensex tumbled 1,700 points.

Global shares, meanwhile, crumbled on Thursday after US President Donald Trump stunned investors by announcing a temporary travel ban from Europe in an effort to curb the spread of the coronavirus, threatening more disruptions to businesses and the world economy.

Oil prices slumped again amid a broader market rout. The threat of a flood of cheap supply compounded market concerns as Saudi Arabia promised to raise oil output to a record high in a standoff with Russia.

(With inputs from Reuters)

First Published:Mar 12, 2020 9:08 AM IST