The strengthening American currency, soaring US bond yields and rising crude oil prices led to a third straight session in the red for the Indian rupee on Thursday morning. The rupee hit a new record low of 85.92 against the US dollar.
Thursday morning, forex markets opened with the rupee at a historic low of 85.94 before improving slightly to 85.92.
In the Indian equity markets, benchmark indices Nifty and Sensex were bearish in morning trade as the outflow of foreign funds continued. The impending earnings season saw local investors more cautious about the market.
Sensex dropped more than 284 points and Nifty shed at least 86 points on Thursday morning, with Tata Motors, Zomato, SBI, L&T, Sun Pharma, NTPC, Power Grid, and Bajaj Finance, all lagging.
As per exchange data, foreign investors offloaded Rs 3,362.18 crore worth of stock on Wednesday.
