INR weakens further amid strong dollar and negative cues from local equities

The Indian rupee declined 16 paise to settle at 86.56 (provisional) against the US dollar on Friday, tracking negative domestic equity markets and surging global crude oil prices. Indian shares fell sharply, with uncertainty around U.S. trade deal, signs of slowing earnings growth and continued selling by foreign investors weighing on markets. The benchmark BSE Sensex tumbled 721.08 points, or 0.88 percent, to 81,463.09, extending losses from the previous session. The broader NSE Nifty index dropped 225.10 points, or 0.90 percent, to 24,837. Meanwhile, a strengthening American currency overseas and foreign fund outflows further weighed on the local unit. DXY, which tracks the greenbacks performance against a basket of six currencies, is up nearly half a percent at 97.55. At the interbank foreign exchange, the domestic unit opened at 86.59 and hit the lowest level of 86.63 against the greenback. The unit touched the intra-day peak of 86.47 before ending the session at 86.52 (provisional), registering a loss of 12 paise from its previous closing level. On the NSE, USDINR futures climbed 0.17% at 86.57.

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