INR tumbles to hit psychological Rs 90/$mark

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The Indian rupee slumped sharply on Tuesday to hit the psychological 90-a-dollar level in intraday trade before settling 42 paise down at an all-time low of 89.95 (provisional) against the US dollar, largely owing to sustained importer demand for the American currency. Besides, foreign fund outflows from equities and lingering uncertainty over the Indo-US trade deal, are keeping investor sentiment fragile. Indian shares also ended lower on Tuesday. The benchmark BSE Sensex dropped 503.63 points, or 0.59 percent, to 85,138.27, extending losses for a third straight session. The broader NSE Nifty index fell 143.55 points, or 0.55 percent, to 26,032.20. At the interbank foreign exchange market, the rupee opened at 89.70, then lost its ground and fell to a record intraday low of 90.00 against the US dollar, down 47 paise over its previous close.

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