INR slumps to fresh lows; Seen at risk of slipping past Rs90/$ mark

The Indian rupee extended slide to hit a fresh record low during intraday moves today. INR opened at Rs 89.70 per dollar and fell further to hit a low of 89.92 so far during the day. Sustained foreign fund outflows coupled with elevated international oil prices are seen adding pressure on the local unit. The currency is losing ground despite robust economic growth in India in the quarter through September and low inflation that would typically lend support to the currency. Lack of consensus a USIndia trade deal is also weighing on the counter. Moreover, domestic equities are also following global peers lower today. The benchmark BSE Sensex dropped 292 points, or 0.3 percent, to 85,350 in early trade while the broader NSE Nifty index was down 103 points, or 0.4 percent, at 26,072. The USD/INR pair is seen at a risk of slipping past the 90 level.

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