INR slumps to year’s lowest against the USD

New Delhi: Indian Rupee (INR) today weakened sharply against the US dollar, falling to the year’s lowest level against the greenback. A broad dollar strength, weak equity markets and outflows from Indian capital markets hurt the rupee. Opening flat at 71.55 against the US dollar, the rupee fell to 71.98 at its day’s low. On Wednesday, the rupee had closed at 71.55 against the US dollar.

Indian stock markets also fell sharply today, with Sensex settling nearly 600 points lower.

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