INR slumps to hit new lifetime lows amid global sell-off; Breaks beyond 84/$ mark

The Indian rupee slumped 31 paise to settle at an all-time low of 84.03 (provisional) against the US dollar on Monday, following a sell-off in broader global markets amid rising geopolitical tensions in the Middle East and worries over recession in the US. Sharp downturn in the Indian equity markets and significant foreign fund outflows led the sharp decline in the local unit. The benchmark S&P/BSE Sensex hit an intraday low of 78,296 before recovering some ground to end the session down 2,223 points, or 2.74 percent, at 78,759. The broader NSE Nifty index settled 662 points, or 2.68 percent, lower at 24,055, after falling to a low of 23,894 earlier. At the interbank foreign exchange market, the local unit opened at 83.78 and touched an intra-day high of 83.76 and a low of 84.03 against the dollar during the session.

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