INR skids to record low as tariff concerns worsen risk sentiment

The Indian rupee hits a new record low of Rs 87.79 against the dollar as per RBI reference rate as risk-off sentiment deepened after US President Donald Trump renewed his threat to raise tariffs on Indian goods over New Delhi's continued purchases of Russian oil. Weak equity markets also dented investors' sentiments. Indian shares ended Tuesday's session lower after U.S. President Donald Trump threatened to "substantially" raise tariffs on goods imported from India. The benchmark BSE Sensex ended the session down 308.47 points, or 0.38 percent, at 80,710.25, after hitting a low of 80,554 earlier. The broader NSE Nifty index hit a low of 24,590 before recouping some of its loss to close at 24,649.55, down 73.20 points, or 0.30 percent, from its previous close. In the spot market, rupee refreshed February low of 87.95 during intraday moves before paring some loses to settle for the day at 87.77, down 11 paise from previous close. On the NSE, USDINR futures climbed 0.16% at 87.87.

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