INR lingers near record lows amid negative trend in local equities

The Indian rupee depreciated 9 paise to close at 84.49 (provisional) against US dollar on Thursday, weighed down by a negative trend in domestic equities and broad strength of the American currency in the overseas markets. Indian shares ended sharply lower on Thursday after a modest start. Weak global cues, profit booking after recent gains and volatility as a result of the expiry of monthly derivative contracts weighed on domestic markets. Global cues were tepid as uncertainty prevailed over U.S. President-elect Donald Trump's tariff policies and the Federal Reserve's interest rate path. The benchmark S&P/BSE Sensex slumped 1,190.34 points, or 1.48 percent, to 79,043.74 while the broader NSE Nifty index closed at 23,914.15, down 360.75 points, or 1.49 percent, from its previous close. At the interbank foreign exchange, the rupee opened at 84.45 and touched the lowest level of 84.50 against the greenback during intra-day. The unit ended the session at 84.49 (provisional) against the dollar, registering a fall of 9 paise over its previous close. The rupee hit its lowest-ever closing level of 84.50 on November 21.

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