INR Slides On Bearish Equities

The Indian rupee declined by 8 paise to settle at 82.75 (provisional) against the US dollar on Monday, tracking bearish equity markets. The benchmark S&P/BSE Sensex ended the session down 616.75 points, or 0.83 percent, at 73,502.64, reflecting weak global sentiment ahead of key U.S. consumer price inflation and producer price data this week that might influence the Fed's rate trajectory. The broader NSE Nifty index fell 160.90 points, or 0.72 percent, to 22,332.65. Weakness in the US dollar and a decline in crude oil prices cushioned the downside. At the interbank foreign exchange market, the local unit opened at 82.74 and touched the intra-day low of 82.76 against the greenback. The local unit finally settled at 82.75 (provisional) against the dollar, registering a loss of 8 paise from its previous close. All eyes are now on US inflation data due this week for further cues.

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