Equity

The Indian rupee slumped 24 paise to close around record low of 93.99 (provisional) against the US dollar on Wednesday as heavy FII outflows and ongoing tensions in West Asia kept investors on the edge. Even a drop in global crude oil prices, weaker greenback, and positive sentiments in the domestic equity markets could not provide any respite to the local unit. The dollar index remained below the ten-month highs reached earlier this month, as traders weighed the prospects of a potential de-escalation in the conflict with Iran. At the interbank foreign exchange, the local unit opened at 93.94 against the US dollar and traded in the range of 93.86-94.13. Indian equities rallied sharply today, as the Nifty 50 surged 1.72% to 23,306.45 and the Sensex rose 1.63% to 75,273.46, driven by easing oil prices and potential Middle East de-escalation hopes..

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