INR Settles Slightly Lower Amid Massive Sell-Off In Domestic Equities

The Indian rupee declined by 5 paise to settle at 82.85 (provisional) against the US dollar on Wednesday, tracking a broad-based selloff in domestic markets. Indian shares fell sharply on Wednesday, with Fed rate cut uncertainty and ongoing selloff in the mid-cap and small-cap space keeping investors nervous. The benchmark S&P BSE Sensex hit an intraday low of 72,515.71 before recovering some lost ground to end the session down 906.07 points, or 1.23 percent, at 72,761.89. The broader NSE Nifty index settled 338 points, or 1.51 percent, lower at 21,997.70, after having tumbled to 21,905.65 earlier. At the interbank foreign exchange market, the local unit opened at 82.82 and witnessed an intra-day low of 82.91 and a high of 82.82 against the greenback during the trading session. Meanwhile, dollar index raced well above 103 in the previous session following firm US inflation reading that drove treasury yields and greenback alike. Currently, it trades at 102.88.

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