INR stays hammered amid foreign fund outflows; sharp fall in crude oil, weak dollar fails to support

The Indian rupee extended its losing streak for the fourth straight session to settle 45 paise lower at 86.71 (provisional) against the US dollar on Wednesday. Pessimistic global sentiments amid escalating tariff turbulence globally weighed on the unit even as the Reserve Bank reduced key interest rate by 25 basis points as a growth-stimulus measure. Meanwhile, crude oil prices fell sharply to a record level and the American currency remained weak, but the Indian currency stayed under pressure due to incessant outflow of foreign funds and lacklustre sentiment in the domestic equity markets. At the interbank foreign exchange, the rupee opened at 86.52 and moved between a high of 86.47 and the low of 86.71 against the greenback during intraday, facing extreme volatility. The unit settled at 86.71 (provisional) against the dollar, sharply lower by 45 paise from the previous closing level. In domestic equities, benchmark S&P/BSE Sensex fell 379.93 points, or 0.51 percent, to 73,847.15. The broader NSE Nifty index dropped 136.70 points, or 0.61 percent, to 22,399.15 while the BSE mid-cap and small-cap indexes ended down 0.7 percent and 1.1 percent, respectively.

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