Rupee Holds Steady as Nifty 50 Slides Amid Market Volatility

Image Source : Forbes

The Indian rupee closed at 85.33 against the US dollar, remaining nearly unchanged from its previous close of 85.37. Meanwhile, the Nifty 50 index ended the day 1.33 percent lower, reflecting broader market weakness driven by global economic concerns and sectoral declines.

Market Trends and Key Developments:
- The rupee’s stability comes amid mixed global cues, with investors closely monitoring US Federal Reserve policy updates and crude oil price movements.
- Foreign portfolio investor activity remains a key driver, with recent outflows contributing to currency pressure.
- The Nifty 50 index saw declines across real estate, capital goods, and auto sectors, dragging overall market sentiment lower.
- Eicher Motors, Apollo Hospitals, and Shriram Finance were among the worst performers, while Adani Enterprises and Grasim Industries posted marginal gains.
- Analysts suggest that the rupee may remain range-bound in the near term, with support levels expected around 85.25 and resistance near 85.50.

Sources:
Investing.com India, Economic Times, Moneycontrol, NSE India.