INR EXTENDS SLIDE TO HIT FRESH RECORD LOWS

Published on Feb 06, 2025 17:18

The Indian rupee plunged 14 paise to close at an all-time low of 87.57 (provisional) against the US dollar on Thursday amid a slight rebound in dollar overseas coupled with rebound in international crude oil prices. Muted domestic shares further added to mayhem for the local unit. Meanwhile, rising odds of a rate cut by the Reserve Bank of India in its monetary policy meeting on Friday kept rupee under pressure. Indian shares ended slightly lower on Thursday amid the expiry of the weekly options of Nifty 50 contracts and the RBI`s interest-rate decision on Friday. The benchmark S&P/BSE Sensex ended the session down 213.12 points, or 0.27 percent, at 78,058.16 while the broader NSE Nifty index closed at 23,603.35, down 92.95 points, or 0.39 percent, from its previous close. Moreover, risk aversion in global markets amid ongoing uncertainty over US trade tariffs may further weigh on the rupee.