INR SLIPS FURTHER TO HIT NEW LIFETIME LOWS

Published on Nov 12, 2024 17:14

The Indian rupee fell 1 paisa to a new lifetime low of 84.39 (provisional) against the US dollar on Tuesday as persistent foreign fund outflows and a strengthening greenback against major crosses overseas dented investor sentiments. Domestic shares tumbled on Tuesday amid lingering concerns over FII outflows and disappointment stemming from a weak earnings season. Sluggish cues from Asia and Europe also dented sentiment. The benchmark S&P/BSE Sensex fell 820.97 points, or 1.03 percent, to 78,675.18, with rate-sensitive auto, banking and financial services stocks facing heavy selling pressure. The broader NSE Nifty index closed at 23,883.45, down 257.85 points, or 1.07 percent, from its previous close. At the interbank foreign exchange, the rupee opened at 84.39 against the US dollar. During the session, the local currency touched a high of 84.39 and a low of 84.41. It finally settled at 84.40 (provisional), a decline of just 1 paisa against the US currency, registering a loss for the fifth straight session.