Indian rupee slipped to record low of 76.92 against the US dollar before pulling back. After a volatile start, Indian equities moved higher in noon trade. The rupee had closed at 76.83 in the previous session. 
Opening at 76.90 per dollar, the rupee so far traded in the range of 76.73 to 76.92 against the US dollar. The rupee last traded at 76.75 per USD.
The US dollar today rose to a two-week high against a basket of currencies, as investors fled riskier assets for the world’s most liquid currency. The coronavirus crisis continued to ravage energy markets today with international benchmark Brent sliding 14 per cent, extending heavy losses from a day earlier. The US dollar index today rose to 100.407 against a basket of six global currencies. Though the oil price slide is seen as positive for oil-importing India, the rupee continues to be weighed down by heavy selling by foreign portfolio investors in the capital market. 
Global funds pulled $16.6 billion from domestic bonds and stocks in March, sending the rupee to a series of record lows. The rupee may drop another 4.7 per cent to 80.6 per dollar by June end amid capital outflows, according to Bloomberg Economics. So far this year, the rupee is down about 8 per cent against the US dollar.
‘Given the uncertainty surrounding the potential duration of the outbreak and the lockdown, we believe the RBI is unlikely to attempt a hard intervention that would risk quick depletion of its reserves,’  said Abhishek Gupta, India economist at Bloomberg.
Read EquityPandit’s Nifty Outlook for the Week