Rupee crashes to 90! Indian markets panic as Sensex, Nifty open in red

The Sensex declined 0.12% to open at 84,987.56, while the Nifty 50 fell to 25,981.85.

HUL, Titan, Eternal, ICICI Bank, Power Grid, Trent, Ultratech Cement and Tata Motors PV were among the early laggards. On the other hand, TCS, HCL Tech, Infosys, Mahindra & Mahindra and Asian Paints opened with gains.

The broader market displayed a mixed trend, with the NSE Nifty MidCap index rising 0.17% even as the Nifty SmallCap index edged down 0.07%.

Sentiment remained subdued as the rupee touched a historic low of 90 per dollar for the first time. Forex analysts attributed the slide to a stronger US dollar, rising global crude oil prices and higher dollar demand from importers, according to a Business Standard report.

Market watchers said the domestic currency continues to face pressure due to the prolonged stalemate in India–US trade deal negotiations. Existing US tariffs on Indian goods have also weighed on bilateral trade and slowed portfolio inflows.

The rupee’s sharp fall comes days after India reported Q2 GDP growth at a six-quarter high of 8.2%, signalling that strong macroeconomic data has yet to translate into currency stability.

Market expert Anil Singhvi told Zee Business that he expects support for the Nifty 50 at 25,850–25,915 levels, with a stronger support zone at 25,700–25,825. For Nifty Bank, he projected support at 58,925–59,125 and a strong buy zone at 58,650–58,825.