INR crashes; Hits beyond historic Rs 90 per dollar mark

The Indian rupee breached the 90-a-dollar level for the first time ever to settle at a fresh all-time low of 90.21 (provisional) on Wednesday, down 25 paise from its previous close, amid sustained foreign fund outflows and higher crude oil prices. Uncertainty over the India-US trade deal, along with the lack of Reserve Bank of India (RBI) effort to stop the slide in the local unit, is adding further pressure on the local unit. Indian shares also recouped early losses to end marginally lower on Wednesday. The benchmark BSE Sensex hit an intraday low of 84,763 before recovering to close down 31.46 points, or 0.04 percent, at 85,106.81 - extending losses for a fourth consecutive session. The broader NSE Nifty index ended down 46.20 points, or 0.18 percent, at 25,986, after having fallen to a low of 25,891 earlier. At the interbank foreign exchange, the rupee opened at 89.96 against the US dollar and fell to a record intraday low of 90.30 during the session before closing at a new all-time low of 90.21 (provisional), down 25 paise from its previous close.

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