The Indian rupee slipped to record lows today, breaking above 83.70 per US dollar mark in intraday moves. INR stayed weak as domestic markets saw a hefty tumble the announcement of India's Union budget. INR drifted lower but stayed in a tight range overall and currently quotes flat around 83.69 per US dollar as local stocks tumbled after FMs announcement to increase the capital gains tax rate. The Finance Minister also announced an increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%. The headline NIFTY50 index tested a three week low in intraday trades before recovering but kept the INR under check.
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