INR slumps further to fresh lifetime lows

The Indian rupee declined for the fourth straight session, down 2 paise to hit a new lifetime low of 84.39 (provisional) against the US dollar on Monday, weighed down by persistent foreign fund outflows and a muted trend in domestic equities. Indian shares fluctuated before ending on a flat note Monday. Global cues were mixed but oil extended steep declines from Friday, helping ease concerns around twin deficits. Concerns over FII flows exerted downward pressure on stock prices as the dollar held firm near last week's four-month peak versus major peers on optimism around Donald Trump's presidential victory. The benchmark 30-share BSE Sensex ended the session up 9.83 points at 79,496.15 while the broader NSE Nifty index finished down 6.90 points at 24,141.30. At the interbank foreign exchange, the rupee opened at 84.38 against the US dollar. During the session, the local currency touched a high of 84.37 and a low of 84.39. It finally settled at 84.39 (provisional), registering a loss of 2 paise against its previous close.

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