INR TUMBLES TO FRESH LIFETIME LOWS AGAINST DOLLAR AMID WEAK DOMESTIC EQUITIES

Published on Nov 07, 2024 16:42

The Indian rupee declined 6 paise to close at a fresh lifetime low of 84.37 (provisional) against the US dollar on Thursday, as weak domestic equities and sustained foreign fund outflows dented market sentiment. Indian shares fell sharply on Thursday as investors assessed the likely impact of Trump`s second victory on global growth and the future trajectory of interest rates. Also awaited are interest-rate decisions from the Bank of England and the U.S. Federal Reserve later in the day, with both the central banks expected to cut rates by 25 basis points. Investors will pay close attention to Fed Chair Jerome Powell`s comments on the policy outlook after Trump`s victory. The benchmark S&P/BSE Sensex fell 836.34 points, or 1.04 percent, to 79,541.79 while the broader NSE Nifty index settled at 24,199.3, down 284.70 points, or 1.16 percent, from its previous close.