NEW DELHI—India’s central bank cut its key lending rate to its lowest level ever Friday in an emergency move to support Asia’s third-largest economy as it braces for the impact of the coronavirus.

As the South Asian nation entered the third day of a three-week lockdown to curb the spread of the virus, the Reserve Bank of India’s monetary-policy committee slashed its key lending rate by three-quarters of a percentage point to 4.4%—a record low.

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