Rupee hits record low of 77.63 against Dollar |
The Sensex and Nifty lost more than 2 percent on May 12th and the Rupee hit an all-time low, as investors shunned riskier assets in the run-up to inflation data which could bolster fears of more rate hikes. The Indian Rupee plunged to a record low for a second time this week, hitting 77.63 against the Dollar. It settled at $ 77.5025. Reliance Industries, HDFC, Bajaj Finance and Bajaj Finserv were among the top drags on the Nifty 50, falling between 2 percent and 3 percent. Adani Ports was the top percentage loser on the Nifty 50 index, falling 6 percent. The focus was on inflation data due today. The global sentiment was weaker after data showed that U.S. inflation had risen sharply in April, deepening fears of aggressive policy tightening by the Federal Reserve and a global economic slowdown. Indian stock markets have in recent weeks been roiled by fears of sky-high inflation, a surprise interest rate hike, foreign fund outflows and a mixed set of corporate results. Foreign investors have sold Indian equities worth $2.27 billion so far this month, compared with net buying of $967 million in the same period last month.
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