Rupee slides again, hits fresh record low of 74.46

The rupee on Thursday plunged 25 paise to hit a fresh new low of 74.46 against the US dollar in the opening trade. 

The domestic currency snapped its six-session losing streak to end 18 paise higher at 74.21 on Wednesday after the American currency weakened overseas.

Traders said RBI's decision to inject Rs 120 billion liquidity into the economy through the purchase of government bonds on October 11 to meet the festival season demand for funds supported the recovery in rupee.

However, the sentiment once again dented on Thursday, owing to weak global cues. 

FIIs (Foreign institutional investors) have been net sellers to the more than Rs 16,536 crore in October 2018.

On the global front, Asian share markets sank in a sea of red after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe, Reuters reported. 

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 2.7 per cent to its lowest in 18 months.

Japan’s Nikkei fell 3.4 per cent, the steepest daily drop since March, while the broader TOPIX lost around $195 billion in market value.

Back home, the domestic equities opened sharply lower amid the global rout. The S&P BSE Sensex slumped nearly 1,000 points to slip below the crucial 34,000 level. The NSE's Nifty50 index shed 278 points to trade at 10,182 levels.