INR slips to new all-time low; dragged down by negative trend in equities

The Indian rupee depreciated by 9 paise to close at an all-time low level of 84.89 (provisional) against the US dollar on Monday, dragged down by a negative trend in domestic equities. Indian shares ended modestly lower on Monday, mirroring muted cues from overseas markets as investors eagerly looked forward to Wednesday's FOMC meeting. The benchmark S&P/BSE Sensex dropped 384.55 points, or 0.47 percent, to 81,748.57 while the broader NSE Nifty index closed at 24,668.25, down 100.05 points, or 0.40 percent, from its previous close. However, a soft US dollar cushioned the downside. At the interbank foreign exchange, the rupee opened at 84.83 and touched 84.89 against the greenback during intraday trade. The unit finally ended the session 9 paise down at 84.89 (provisional) against the dollar.

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