INR Slips Back Below 83/$ Mark As SENSEX, NIFTY Tumbles Ahead Of FOMC

The Indian rupee slipped back below 83/$ mark for the first time in over a month amid massive selloff in domestic equities on Tuesday. INR lost 12 paise to 83.02 (provisional) against the US dollar, weighed down by a heavy selloff in domestic equities and persistent foreign capital outflows. The benchmark S&P BSE Sensex ended the session down 736.37 points, or 1.01 percent, at 72,012.05 while the broader NSE Nifty index settled at 21,817.45, down 238.25 points, or 1.08 percent, from its previous close. Besides, a surging greenback against major crosses overseas also pulled down the other local currency. US benchmark treasury yields at 4.3% and dollar index at 103.63 are marching forward as sticky inflation scenario in US as shown by recent data is reducing possibility of a near time rate cut. At the interbank foreign exchange market, the local unit opened at 82.94 and touched the intra-day low of 83.05 and a high of 82.93. It finally settled at 83.02 (provisional) against the dollar, registering a loss of 12 paise from its previous close.

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