Indian Rupee Breaches 83 Per US Dollar Mark, Nifty Tanks To Five Week Low

Published on Aug 14, 2023 12:23

The Indian Rupee extended its losing spree against the US dollar today as local equities stayed slippery and the US dollar added to its recent gains. The Indian rupee broke above the critical 83 per US dollar mark and currently quotes at 82.94, down around 13 paise on the day. The local equities fell further today with the benchmark NIFTY50 index tumbling to a five week low under 19300 mark. Meanwhile, the US dollar index is holding onto its recent gains impressively as markets focused on the latest inflation readings. The INR was also pressurized by the tepid reading on local industrial output numbers. Growth in the index of industrial production (IIP) moderated to a three-month low of 3.7% in June from 5.2% in May, the data released by the National Statistical Office (NSO) on Friday showed.