The rupee weakened considerably to 74.80 in NDF markets on Wednesday as the virus scares continue and businesses forced to shutdown , even though it closed interbank markets in India at 74.25 levels.. On Tuesday, US President Donald Trump's administration pressed for a stimulus package worth $1 trln that could boost slowing growth in the world's largest economy. The package includes $50 bln for airlines facing bankruptcy and $250 bln for small business loans. Moreover, the US Federal Reserve launched a commercial paper funding facility to underwrite short-term corporate loans in times of crisis, to ease funding stress among corporates. The proposed stimulus package by the US has underscored concerns about the economic implications on the global economy, with S&P Global forecasting a global recession this year. The credit ratings agency estimates global GDP growth at 1.0%-1.5% in 2020. Back home, traders may refrain from placing large bets against the Indian currency, given that the RBI may prevent sharp depreciation in the rupee by intervening in the spot market at around 74.30 a dollar. Foreign portfolio investors are expected to continue withdrawing funds from domestic assets, which may weigh on the rupee. However, some exporters, seeking to take advantage of higher dollar/rupee levels before they close their books at the end of this financial year, may also sell the US unit.