The rupee edged lower to a record 76.91 against the dollar on Wednesday, as increasing coronavirus (COVID-19) cases continued to batter emerging market currencies. With that, the rupee surpassed an existing all-time low of 76.87 against the greenback registered last week. It was last seen trading at 76.79 against the dollar in late morning deals. Analysts say the rupee is likely to remain under pressure amid foreign fund outflows from domestic equities and strength of the dollar overseas.
Crude oil prices slumped again on Wednesday, with Brent - the global benchmark - falling to its lowest since 1999. The international oil market struggles with a massive crude glut amid a collapse in demand for everything from petrol to jet fuel caused by the coronavirus outbreak.
Brent crude - which fell 24 per cent on Tuesday - touched $15.98 a barrel, its lowest level recorded since June 1999. It was last seen trading down 14 per cent at $16.63, while West Texas Intermediate - the benchmark for US oil prices - was down 6 per cent at $10.89 a barrel.
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