INR SLUMPS NEAR 83.50 PER US DOLLAR

Published on Apr 16, 2024 11:27

The Indian rupee is under stress, nearing record low against the US dollar amid continued selling pressure in local equities. The US dollar index futures are lingering around a five month high above 106 on worries over global risk appetite. INR has been falling after testing a two week high against the US dollar and quotes at 83.49 per US dollar, down 5 paise on the day. Risk sentiment remains lax as Asian stocks are trading lower for second session in a row Tuesday, tracking overnight losses on Wall Street. US stocks declined on Monday as rising yields and worries over the conflict in the Middle East overshadowed strong retail sales data. The domestic equity benchmarks ended with deep losses on Monday as tensions flared in the Middle East following Iran`s attack on Israel. The barometer index, the S&P BSE Sensex slipped 845.12 points or 1.14% to 73,399.78. The Nifty 50 index lost 246.90 points or 1.10% to 22,272.50.