As domestic indices turn flat, rupee sinks to all-time low of Rs 74.27 against US dollar
Reserving all its early morning gains, India rupee slipped to an all-time low of Rs 74.27 against the US dollar in the afternoon trade on Tuesday.
Several Forex dealers said that besides strong demand for the American currency from importers, concerns rising fiscal deficit and capital outflows weighed on the domestic currency. Meanwhile, the BSE benchmark Sensex dropped by 87.79 points, or 0.25 per cent, to 34,386.59 during mid-session.
According to a report by Reuters, Asian shares hit 17-month lows on Tuesday as China allowed its currency to dip past a psychological bulwark amid sharp losses in domestic share markets, a shift that pressured other emerging currencies to depreciate to stay competitive. Even the domestic indices including Sensex and Nifty traded tightly in the afternoon session on Tuesday which led to a dip in shares of Tata Motors by nearly 20 per cent to seven-year low levels. The BSE Sensex plunged 189 points to an intra-day low of 34,285.06 points, while the NSE Nifty witnessed a downfall of 10,279.35 points intra-day.
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