Indian rupee continued to slide today amid a modest spell of weakness in the local equities and thin activity in world markets. INR has been falling rising near three-week high against the US dollar and INR tested a one-week low of 89.94 per US dollar. Overall mood in local currency market remains cautious after sustained fall in INR this year. The Reserve Bank of India (RBI) has said that it will conduct $10 billion USD/INR Buy/Sell Swap auction for a tenure of three years. The auction will take place on January 13. INR shed 20 paise to 89.90, down 10 paise on the day. On NSE, USD/INR futures rose 0.13% to 89.89. The key equity barometers ended with modest cuts today as profit booking in a holiday-truncated week and sustained selling by foreign institutional investors (FIIs) weighed on market sentiment. As per provisional closing data, the barometer index, the S&P BSE Sensex, declined 367.25 points or 0.43% to 85,041.45. The Nifty 50 index lost 99.80 points or 0.38% to 26,042.30.
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