INR loses momentum amid AI led sharp sell-off in equities globally

The Indian rupee lost slight momentum in opening trades on Friday tracking modest rebound din dollar index from two-week low and sharp slide in equities globally. INR opened at Rs 90.69 per dollar and edged up to 90.65 so far during the day. Yesterday, rupee appreciated 17 paise to settle for the day at 90.61 against the US dollar, as foreign fund investments lifted investor sentiments. However, domestic shares ended the session lower as IT stocks extended their slide from the previous session on renewed concerns about the disruption AI start-ups will have on established companies. The benchmark BSE Sensex dropped 558.72 points, or 0.66 percent, to 83,674.92 on its weekly derivatives expiry day. The broader NSE Nifty index fell 146.65 points, or 0.57 percent, to 25,807.20.

 

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