Indian Rupee slides as NIFTY falls to lowest in eight and half months

Indian Rupee slipped today, staying weak against the US dollar as local stock markets added to recent losses. INR currently trade at 86.84 per US dollar, down 10 paise on the day. INR had appreciated after hitting record lows near 88 per US dollar last week but the overall mood remains tepid for the local currency as equities continue to tumble. The benchmark equity index NIFTY50 fell to lowest in eight and half months today, breaking under 23000 mark. It has lost nearly 3% this month, making INR ease against the US dollar despite weakness in dollar index globally. The Dollar index currently quotes around 106.60, almost unchanged on the day and holding around two month low.

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