The Indian rupee dipped past 76.12 per dollar, or 20.69 per dirham, on Monday for the first time as stock markets witnessed further mayhem, suffering more than seven-trillion rupee wipe-out as global investors continued to exit amid widespread Covid-19 sparked panic.

Currency analysts said uncertainty heightened as the Indian currency remained under relentless pressure amid huge outflows from the capital market. The rupee is likely to test 76.50 any time now in such a risk-averse situation, when investors are unloading equities, bonds and currency.

Markets also expect Finance Minister Nirmala Seetharaman to announce today emergency stimulus measures to prop up the market.

Analysts said the fall in the rupee comes even as the RBI has been heavily intervening in the spot market. The RBI provided $2 billion of dollar liquidity via a forex swap lasts Monday and is expected to provide a similar line today.

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