INR near record low, NIFTY hits fresh high

The Indian Rupee is consolidating around the record low levels amid sustained uptick in the US dollar overseas. Yesterday, rupee fell near a record low of 83.62 against the US dollar in intraday moves. Losses were somewhat limited for the INR amid firm trend in domestic equities as benchmark indices touched all-time high levels. The broader NSE Nifty index crossed the 24,600 mark for the first time before finishing higher by 84 points, or 0.35 percent, at 24,587. It continues to edge up and scaled up fresh highs today as well. The INR currently quotes flat at 83.58 per US dollar. Domestic economic undertone is turning cautious amid a flare up in food price. Indias annual consumer price inflation edged up to four-month high of 5.08% in June compared with 4.21% in previous month. The spike was led primarily by food inflation as it soared to 9.36%.

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