INR extends downside to hit fresh record lows

The Indian rupee extended the slide for the second straight session and depreciated 9 paise to settle at a fresh all-time low of 85.20 (provisional) against the US dollar on Tuesday, dragged by a strong greenback against major crosses overseas and subdued domestic equities. Indian shares fluctuated before ending on a flat note Tuesday ahead of the Christmas holiday. The benchmark S&P/BSE Sensex hit an intra-day high of 78,877.36 before reversing course to end the session down 67.30 points, or 0.09 percent, from its previous close. Likewise, the broader NSE Nifty index closed down 25.80 points, or 0.11 percent, at 23,727.65, after having hit a high of 23,867.65 earlier. Increased demand of dollar due to month-end payment obligation and the fear of an aggressive import tariff by the Donald Trump administration in the US strengthened the greenback.

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