INR slips below 84/$ mark amid falling equities

The Indian rupee dropped to a one-week low, falling 4 paise to close at 84.02 (provisional) on Wednesday amid a sharp decline in the domestic equity markets as investors stayed away from riskier assets. Indian shares followed global peers lower on Wednesday, though falling oil prices on demand concerns helped limit overall losses. The benchmark S&P/BSE hit a low of 81,833.69 during intraday trade before ending the session down 202.80 points, or 0.25 percent, at 82,352.64. The broader NSE Nifty index closed down 81.15 points, or 0.32 percent, at 25,198.70- giving up its 14-day winning streak. However, a weak dollar against major currencies overseas and a drop in crude oil prices capped further losses in the local unit. At the interbank foreign exchange market, the rupee opened at 83.96 and traded in the range of 83.95-84.01 during the day. The unit moved in a tight range of 83.95-83.97 for most part of the session.

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