Rupee Plummets To Record Low Against US Dollar, FPI Sees Outflows For Second Month

Published on Nov 01, 2023 16:02

The Indian Rupee slipped today, hitting record lows against the US dollar as weak equities and a solid undertone in the US dollar overseas weighed on the local currency. The Indian Rupee fell beyond 83.30 per US dollar and currently trades at 83.34, down 10 paise on the day. The US dollar index is quoting at 106.71, up 0.20% on the day and hitting one week high. Meanwhile, the trend in Foreign Portfolio Investments or FPIs remains worrisome with the overall FPI reading showing a net outflow of around Rs 24550 crore in October 2023. FPI flows have been negative for a second month low and the October outflows are the largest since June 2022. Meanwhile, the frontline indices ended with modest losses on Wednesday, sliding for the second day in a row. The Nifty settled below the 19,000 level. Realty, media and healthcare stocks advanced while metal, IT and bank shares declined. As per provisional closing data, the barometer index, the S&P BSE Sensex slipped 283.60 points or 0.44% to 63,591.33. The Nifty 50 index lost 90.45 points or 0.47% to 18,989.15.