INR slumps to fresh record lows; 91/$ mark seen fast approaching

The Indian rupee slumped sharply on Monday to hit fresh lifetime low levels amid uncertainty over an India-US trade deal and persistent foreign fund outflows. INR crashed to its lowest-ever level of 90.80 before settling at a fresh all-time low of 90.74 (provisional) against the US dollar, registering a loss of 25 paise over its previous close. Besides, prevailing risk-averse market sentiment, compounded by strong US dollar demand from importers, further dented investor sentiment. Indian shares recovered from an early slide to end on a flat note Monday ahead of the release of delayed U.S. jobs and inflation data as well as a slew of central bank decisions due this week. The benchmark S&P/BSE Sensex ended down by 54.30 points at 85,213.36, snapping a two-day rally. The broader NSE Nifty index slid 19.65 points to close at 26,027.30. At the interbank foreign exchange, the rupee opened at 90.53 against the US dollar, then lost ground and fell to a record intra-day low of 90.80, registering a 31-paise decline from its previous close.

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