INR hit on election result uncertanity, Nifty crashes 7%

Indian Rupee slumped today near record lows against the US dollar as a mammoth sell off in local stocks hurt the sentiments. INR currently quotes at 83.50 per US dollar, down 36 paise on the day as the local stock market benchmark NIFTY50 tumbled around 7% to trade at 21600 to test two and half month low. Indices are in a free fall downward spiral in todays trade, as vote count trends in latest General Elections revealed that Prime Minister Narendra Modi-led NDA is unlikely to win with a huge margin. The stock market has pared recent advances with heavy gainers in last session seeing an equally brutal selloff. INR has lost despite flat movement in the US dollar index as it hovers around two month low of 104 mark.

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