INR slides amid sharp fall in local equities

The Indian rupee depreciated 11 paise to settle at 83.80 (provisional) against the US dollar on Monday, taking cues from equity markets that saw a steep fall of over 1 per cent amid volatile crude oil prices and outflow of foreign funds. However, a weak greenback against major currencies supported the local unit, while investors showed muted participation awaiting cues from domestic macroeconomic data to be released this week. Indian shares fell sharply on Monday even as metal stocks logged strong gains following China's announcement of several measures to boost its slowing economy over the weekend. A cautious undertone prevailed due to rising tensions in the Middle East. The benchmark S&P/BSE Sensex tumbled 1,272.07 points, or 1.49 percent, to 84,299.78 while the broader NSE Nifty index closed at 25,810.85, down 368.10 points, or 1.41 percent, from its previous close.

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