The Indian rupee extended downside in opening trades on Tuesday hovering around record low levels attained in the previous session. Elevated crude oil prices, sustained foreign fund outflows are dampening sentiments in the local unit. INR opened at Rs 89.70, lower by 17 paise as compared to previous close. Yesterday, rupee depreciated 8 paise to close at 89.53 against the US dollar, amid rising international crude oil prices. Sustained weakness in the rupee is also attributable to a widening trade deficit, the delayed India-US trade deal and caution ahead of the Reserve Bank of India's monetary policy decision. Indian shares also gave up early gains to end slightly lower on Monday. The benchmark BSE Sensex swung between gains and losses before closing down 64.77 points, or 0.08 percent, at 85,641.90. The broader NSE Nifty dropped 27.20 points, or 0.10 percent, to 26,175.75. Foreign investors were net sellers of shares to the extent of Rs. 1,171 crore on Monday, while domestic institutional investors (DIIs) net bought shares worth Rs 2,559 crore, according to provisional exchange data.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
