The Indian rupee tumbled to hit record low against dollar on Friday, weighed down by worries over the coronavirus pandemic that has prompted investors to dump riskier assets and move towards safe havens. The domestic currency opened 19 paise lower at 74.41 per dollar against previous close of 74.22 and plunged further to cross October 11, 2018 level of 74.48.

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The dollar stood tall on Friday as investors scrambled for the world's most liquid currency amid deepening panic while the euro nursed losses after the European Central Bank disappointed by not cutting rates.

Meanwhile, global stock markets crashed on Friday, ending a years-long bull run, with coronavirus panic selling hitting almost every asset class and leaving investors nowhere to hide. Half a trillion dollars in liquidity from the US Federal Reserve and the promise of more were not enough to calm the fear that has wiped some $14 trillion from world stocks in a month.

Oil prices fell on Friday for a third day, with Brent crude set for its biggest weekly drop since 1991 and US crude heading for the worst week since 2008. Brent crude was last seen 67 cents, or 2 percent down at $32.55 a barrel.

On Thursday, the Reserve Bank of India said it has adequate dollar reserves and will conduct sell/buy swaps in the foreign exchange market to ensure adequate dollar liquidity.

(With inputs from Reuters)

First Published:Mar 13, 2020 9:12 AM IST