INR nears record low against US dollar even as equities scale fresh top

The Indian Rupee fell near a record low of 83.62 against the US dollar in intraday moves today, starting the weak on tepid note following a surge in the US dollar index overseas. Losses were somewhat limited for the INR amid firm trend in domestic equities as benchmark indices touched all-time high levels. At the interbank foreign exchange market, the local unit ended around 83.57 per US dollar, down 6 paise on the day. Domestic economic undertone is turning cautious amid a flare up in food price. Indias annual consumer price inflation edged up to four-month high of 5.08% in June compared with 4.21% in previous month. The spike was led primarily by food inflation as it soared to 9.36%.

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