Indian Rupee: Weakness In Equities Hurts Sentiments

20 Apr 2022 , 09:15 AM

Indian Rupee is likely to start in a cautious manner after falling sharply in last session as equities continued to tank. The INR lost 26 paise to 76.55 per US dollar. The benchmark indices ended with major losses on Tuesday, extending their losing run to fifth consecutive session. Major selling was witnessed in the fag end of the session. Weakness in the European markets amid the rising tensions between Russia and Ukraine weighed on the market sentiments. Barring the Nifty Oil & Gas index, all the sectoral indices on the NSE ended in the red. The barometer index, S&P BSE Sensex tumbled 703.59 points or 1.23% at 56,463.15. The Nifty 50 index declined 215 points or 1.25% at 16,958.65. Meanwhile, the International Monetary Fund (IMF) on Tuesday slashed Indias economic growth forecast to 8.2% for FY23 from 9% estimated in January, citing the impact of high oil prices on consumer demand and private investments.

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