INR plunges to settle at new record low

The Indian rupee extended its slide for the second straight session and declined 17 paise to hit a fresh record low of 85.91 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger American currency. Lacklustre sentiment in domestic equity markets and sustained outflow of foreign funds also weighed even as investors stayed cautious over lower economic growth projection by the government. The benchmark S&P/BSE Sensex ended the session down 50.62 points at 78,148.49, after having hit a low of 77,486.79 earlier. Likewise, the broader NSE Nifty index hit an intraday low of 23,496.15 before finishing down 18.95 points at 23,688.95. At the interbank foreign exchange, the rupee opened at 85.82 and touched the lowest-ever level of 85.91 against the greenback during intra-day.

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