INR ENDS FLAT NEAR RECORD LOWS; LOCAL EQUITIES PLUMMET AMID HEAVY SELL-OFF BY FOREIGN INVESTORS

Published on Oct 22, 2024 17:24

The Indian rupee settled flat near record lows at 84.07 (provisional) against the US dollar for the second straight session on Tuesday, tracking negative domestic equity markets and unabated outflow of foreign funds. Local shares tumbled on Tuesday, with sentiment dented by weak September quarter earnings, and heavy selling by foreign investors. Weak global cues also weighed on markets as traders grappled with heightened tensions in the Middle East and uncertainty over the U.S. election outcome that`s less than two weeks away. The benchmark S&P/BSE Sensex plummeted 930.55 points, or 1.15 percent, to 80,220.72 while the broader NSE Nifty index closed at 24,472.10, down 309 points, or 1.25 percent, from its previous close. The local unit was also weighed down by rising crude oil prices as well as firm American currency amid soaring US treasury yields. At the interbank foreign exchange market, the domestic unit opened at 84.07 against the greenback and witnessed a restricted movement between 84.06 and 84.08 during the session. The unit finally settled at the previous day`s closing level of 84.07 (provisional) against the dollar.