INR breaches 86 mark for first time ever

The Indian rupee slumped to a fresh lifetime low of Rs 86 per dollar mark on Friday, breaching the psychological level for the first time ever. Rupee declined 18 paise to settle for the day at 86.04 provisionally as it failed to resist pressure from a stronger American currency and huge outflow of foreign funds. Surging crude oil prices overseas and negative sentiment in domestic equity markets also weighed down the Indian currency. The benchmark S&P/BSE Sensex fell 241.30 points, or 0.31 percent, to 77,378.91 as the dollar continued its strength and U.S. bond yields remained elevated ahead of the all-important U.S. jobs report due later in the day. The broader NSE Nifty index dropped 95 points, or 0.4 percent, to 23,431.50. Also, dollar strengthened on increased demand amid the anticipation of restrictive trade measures by the new US administration after Donald Trump takes over as president on January 20.

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