INR falls further amid sharp sell-off in Indian equities

The Indian rupee fell further to settle near all-time low at 84.08 (provisional) against the US dollar on Friday weighed down by a firm American currency and unprecedented foreign fund outflows. The selling rush by foreign investors in pursuit of better gains from the Chinese market sent the domestic equity markets into a tailspin, dragging the benchmark indices down by nearly 8 per cent in the past two weeks. Higher US treasury yields, fear of slower interest rate cut by the Federal Reserve and uncertain geopolitical scenario weeks ahead of the US presidential election have prompted investors to move cautiously.

 

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