The Indian rupee plunged 39 paise to close at an all-time low of 90.33 (provisional) against the US dollar on Thursday amid uncertainty over the India-US trade deal. Moreover, prevailing risk-averse market sentiment and sustained foreign fund outflows weighed on the local unit. The Indian rupee that slipped past Rs 90 per dollar mark early in December fell further to hit a fresh record low at the spot interbank market today. INR dropped to a new low of 90.48 today. Weakness in dollar and positive local equities is seen supporting the local unit at lower levels. After three successive days of losses, Indian stock indices Sensex and the Nifty50 closed higher on Thursday, lifted by the Federal Reserve's decision to lower interest rate by 25 basis points. The BSE benchmark Sensex slipped to 84.150.19 after a positive start, but recovered swiftly and gained in strength as the day progressed to eventually settle with a gain of 426.86 points or 0.51% at 84,818.13. The National Stock Exchange's Nifty50, which dropped to 25,693.25 after opening at 25,771.40, ended the session with a gain of 140.55 points or 0.55% at 25,898.55. Moreover, absence of any US-India trade deal even as we come to year end is also seen weighing on the counter.
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