Rupee has breached the crucial support around 76.25 levels, and now seems primed to test further lows of around 77.50 mark in coming days, saysSugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
Indian rupee erased its initial gains but ended marginally higher at 76.28 per dollar on April 9, amid buying seen in the domestic equity market.
However, it has touched a record low of 76.55 per dollar.
It opened 27 paise higher at 76.10 per dollar against previous close of 76.37.
"After a small breather, the Indian rupee has again rolled on the downwards trajectory to test fresh record lows of 76.39 mark, amid continued economic uncertainty and fragile investor sentiments due to growing concerns of coronavirus led economic slowdown," said Sugandha Sachdeva VP-Metals, Energy & Currency Research, Religare Broking.
"Further exerting pressure on the local unit has been the hardening dollar index and persistent foreign fund outflows. This further skews the bias for the domestic currency on the negative side."
"Rupee has breached the crucial support around 76.25 levels, and now seems primed to test further lows of around 77.50 mark in coming days," she added.
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