INR settles lower amid steep fall in local equities

The Indian rupee declined 4 paise to settle at a fresh record low of 85.83 (provisional) against the US dollar on Monday, amid a steep fall in domestic equity markets and unabated outflow of foreign capital. Indian shares tumbled on Monday, with selling seen across the board as a stronger dollar and elevated U.S. bond yields added to concerns over continued foreign fund outflows. Caution ahead of the Q3 earnings season weighed on markets. The benchmark S&P/BSE Sensex fell 1,258.12 points, or 1.59 percent to 77,964.99 while the broader NSE Nifty index closed at 23,616.05, down 388.70 points, or 1.62 percent, from its previous close. At the interbank foreign exchange, the rupee opened at 85.77 and touched the lowest-ever level of 85.84 against the greenback in intraday trade. The unit finally settled at its record low closing level of 85.83 (provisional), registering a fall of 4 paise from its previous close.

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