INR loses momentum even as Sensex, Nifty hit new all-time highs

The Indian rupee lost momentum and depreciated 8 paise to settle at 89.30 (provisional) against the US dollar on Thursday amid a firm greenback due to its higher demand from importers and banks. However, foreign capital infusion into domestic stock markets and lower crude oil prices in the international market supported the counter at lower levels. Indian benchmark indexes Sensex and the Nifty50 climbed to new all-time record highs during intraday moves, as shares extended recent gains on positive global cues amid rising optimism the Federal Reserve will lower interest rates by 25 basis points in December. The benchmark BSE Sensex, which climbed to 86,055.86, was up 33.63 points or 0.39% at 85,943.14 a little while ago. The National Stock Exchange's Nifty50 scaled a new peak at 23,310.45, was up 78.00 points or 0.3% at 26,283.95. At the interbank foreign exchange market, the rupee opened at 89.19 and touched the intra-day low of 89.40 against the greenback.

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