INR near record low amid volatile equities

Published on Jul 18, 2024 15:13

Indian Rupee slipped near record low against the US dollar today, breaking above 83.60 mark amid a volatile spell in local equities. Rupee has been weighed down ahead of the Union Budget 2024-25 and firm equities have not been able to support it. INR currently quotes at 83.65 per US dollar, down 7 paise on the day. INR was also hurt due to a huge spike of 2.60% in WTI Crude oil futures in last session. Meanwhile, the NIFTY50 index scaled up a fresh peak amid high volatility today as weekly derivatives expiry weighed on the market mood. The US Dollar index slumped under 104 mark this week and tested a four month low of 103.50 before rebounding.