INR dragged lower amid muted trend in domestic equities

The Indian rupee depreciated 8 paise to close at 84.74 (provisional) against the US dollar on Monday, dragged down by fresh foreign fund outflows and a muted trend in domestic equities. The benchmark S&P BSE Sensex dropped 200.66 points, or 0.25 percent, to 81,508.46, extending losses for a second day running. The broader NSE Nifty index closed at 24,619, down 58.80 points, or 0.24 percent, from its previous close. Meanwhile, the domestic currency remains in a weakening mode due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.70 and touched the lowest level of 84.73 against the greenback during intra-day trade. The unit ended the session at 84.74 (provisional) against the dollar, registering a fall of 8 paise over its previous close.

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