The rupee plunged by 44 paise to close at a 20-month low on Wednesday as consistent foreign fund outflows and risk-averse sentiments weighed on the local unit.
Growing concerns over the Omicron variant of coronavirus after the WHO warned of high transmissibility risks of the new strain hit the appeal of riskier assets. The rupee has been under pressure for the past five weeks due to consistent forex outflows on expectations of faster rate of tapering by the US Federal Reserve to rein in rising inflation.