The Indian rupee dropped to a new record low for the third consecutive day as the US dollar strengthened, driven by reports of Donald Trump taking a lead over Kamala Harris. On Wednesday, the rupee declined by 14 paise to an unprecedented 84.23 against the US dollar in early trading, surpassing its previous low of 84.122 reached earlier this week. The currency had initially fallen 6 paise upon market opening on November 6, 2024.
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Meanwhile, the stock market showed resilience, with the BSE Sensex gaining 530 points to reach 80,007, and the Nifty 50 climbing 164 points to 24,377 in morning trade. Nifty Bank and Nifty Midcap indexes also saw gains, rising by 159 and 657 points to stand at 52,366 and 56,772, respectively.
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A day earlier, on November 5, the rupee had briefly recovered from its low, settling 2 paise higher at 84.09 against the US dollar, with support from a domestic market rebound and suspected Reserve Bank of India intervention.