INR crashes to new record low; touches Rs 84.70/$

The Indian rupee crashed on Monday to hit new record low levels against the dollar as the greenback scaled higher after Donald Trump threatened 100% tariffs on BRICS nations, including India, if they went ahead with developing their common currency to replace the USD. Besides, muted local equities amid weak macros further weighed on the local counter. The benchmark S&P/BSE Sensex was down 60 points at 79,743 while the broader NSE Nifty index was up 5 points at 24,135. Investors sentiment was dented after India's Q2 GDP data came in much lower at 5.4 percent against the estimate of 6.5 percent. The HSBC India Manufacturing Purchasing Managers Index (PMI) eased to 56.5 in November from the previous reading of 57.5. Moreover, persistent foreign fund outflows have been adding pressure on the local unit for a while. For the week, the Reserve Bank of India (RBI) interest rate decision will be in the spotlight.

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