INR CRASHES BEYOND 84.30 PER US DOLLAR

Published on Nov 06, 2024 17:41

Indian Rupee slumped today as a slide above 84 per US dollar mark extended following heavy surge in the US dollar index. Dollar index spiked to 105 mark, hitting highest in four months as preliminary numbers showed Republican candidate Donald Trump winning the presidential race. INR recorded one of the worst daily outings and lost 22 paise to test a record low of 84.31 per US dollar. Meanwhile, local equities spiked on firm global cues. The S&P BSE Sensex surged 901.50 points or 1.13% to 80,378.13. The Nifty 50 index jumped 270.75 points or 1.12% to 24,484.05.

Rupee has been hit recently on worries over overseas investment flows. Foreign portfolio investors (FPIs) sold shares worth Rs 2,569.41 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 3,030.96 crore in the Indian equity market on 5 November 2024, latest data showed. According to NSDL data, FPIs have sold shares worth over Rs 10493.30 crore (so far) in the secondary market during November 2024. This follows their sale of shares worth Rs 1,13,858.81 crore in October 2024.