INR slips as market stays focussed on local equities

The Indian rupee sustained losses today following a sharp slump in local equities in previous session. 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. The dollar index climbed to 103.32 on the back of firm inflation levels reported this week although pared some of its gains as expectations of a Federal rate cut is not ruled out although the timing stays uncertain. Investors are awaiting a batch of data later in the global day. US producer inflation, retail sales and weekly jobless claims figures are due for the day. INR currently quotes at 82.86 per US dollar, down 5 paise on the day.

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