INR tanks to 85.74 per US dollar as year end slide extends

Indian Rupee has slumped today, adding to recent set of losses as US dollar stayed supported in thin trades overseas while worries over a tepid local economic undertone and falling forex reserves hurt the INR. INR tested a fresh all-time low of 85.74 per US dollar and currently quotes down 38 paise at 85.65 per US dollar. Market is also waiting for the month end data on core sector and government finances. The local currency has also been hurt due to typical spike in demand for the US currency from importers for month-end. INR fell even as the NIFTY50 index hit a one week high above 23900 mark.

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