INR sees hefty losses as equities fall

Indian Rupee slipped today, extending losses after a recent surge to two month high against US dollar. INR currently quotes at 83.37 per US dollar, sliding 18 paise on the day, easing amid weakness in local equities. Indian equity indices ended with extended losses on Wednesday, declining for the fourth day in a row. The Nifty ended near the 22,700 level. Rising crude oil also weighed on the INR. WTI Crude oil futures remained above $80 per barrel, near four-week highs, due to anticipated OPEC+ production cuts and Middle East conflicts. The peak summer demand season in the US is also expected to boost fuel consumption.

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