INR weaknes further, hovers around 87.20 per US dollar

The Indian rupee eased on Wednesday, holding above 87 per US dollar mark as it lingers just around record low against the US dollar. INR edged up a bit in last session as the US dollar index retreated from its elevated levels and local equities saw a solid spurt. However, todays slide in INR reflects continuation of the recent negative bias as overseas investors stayed on the sidelines. According to NSDL data, the gross equity purchases by FIIs in January 2025 stood at USD 24.93 billion, the lowest amount since October 2023. In January, gross sales reached USD 32.60 billion, resulting in a net outflow of USD 7.67 billion on the whole. INR is facing sustained weakness following this and currently quotes at 87.21 per US dollar, down 13 paise on the day.

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