The Indian rupee depreciated sharply on Tuesday morning in Asia and slumped below the psychologically important 96 per dollar level in early trade weighed down by elevated crude oil prices and persistent foreign fund outflows. Rupee is under pressure largely due to the combination of firm oil and rising US nominal and real yields, which together are drawing portfolio flows out of emerging markets, including India. At the interbank foreign exchange market, the rupee opened at 96.03, then fell to 96.13 against the US dollar, registering a fall of 16 paise from its previous close. On Monday, the rupee had settled at 95.97 against the American currency. The Indian stock market indices, BSE Sensex and NSE Nifty 50, are trading sharply lower today, extending yesterday’s steep correction. As of mid-morning, the BSE Sensex is down approximately 629 points (0.86%) at 72,142.42, while the NSE Nifty 50 has dropped 195 points (0.85%) to 22,585.60, breaching the crucial 22,600 support level.
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