INR slips to fresh lifetime lows

The Indian rupee depreciated by 6 paise to settle at an all-time low of 84.89 (provisional) against the US dollar on Thursday, dragged down by negative domestic equity markets, outflow of foreign funds and rise in crude oil prices. Indian shares ended modestly lower on Thursday as caution crept in ahead of domestic inflation and industrial output data. India's Index of Industrial Production (IIP) grew by 3.5% in October 2024, up from 3.1% in September 2024. Meanwhile, year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of November, 2024 over November, 2023 is 5.48% (Provisional). This marked a softening from a 14-month high of 6.2% in the previous month. The benchmark S&P/BSE Sensex ended the session down 236.18 points, or 0.29 percent, at 81,289.96 while the broader NSE Nifty index dipped 93.10 points, or 0.38 percent, to close at 24,548.70. At the interbank foreign exchange, the rupee opened at 84.85 and touched the lowest-ever level of 84.89 against the greenback during intra-day trade.

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