INR plunges to fresh record low beyond Rs 91/$mark; Firm dollar demand from importers weigh

The Indian rupee is plunging to fresh lifetime low levels in opening trades on Wednesday amid persistent global trade tensions between USD-EU and sustained foreign fund outflows. Weakness in greenback overseas also failed to support the counter. Meanwhile, firm dollar demand from importers due to the absence of a trade deal announcement between the US and India is also weighing on the local unit. INR opened at Rs 91.05 per dollar and hit a record low of 91.22 so far during the day. Yesterday, rupee depreciated 7 paise to close at a record low of 90.97 against the US dollar Moreover, a sluggish domestic stock market triggered by sustained foreign capital outflow further weighed on the local unit. Local shares tumbled on Tuesday, with benchmark indexes Sensex and Nifty falling for a second straight session amid rising geopolitical and tariff tensions. The BSE Sensex slumped 1,065.71 points, or 1.28 percent, to 82,180.47 while the broader NSE Nifty index ended down 353 points, or 1.38 percent, at 25,232.50.

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