Indian shares fall, rupee hits record low ahead of inflation data
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BENGALURU - Indian shares extended losses on Thursday and the rupee hit an all-time low, ahead of domestic retail inflation numbers and amid a broader decline in equity markets following U.S. consumer price data.
A Reuters poll showed India's retail inflation likely surged to an 18-month high in April, driven by rising fuel and food prices, staying well above the Reserve Bank of India's 2%-6% tolerance band for a fourth consecutive month. Inflation data is due at 1200 GMT.
The NSE Nifty 50 index was down 1.47% at 15,929.75 as of 0353 GMT, while the S&P BSE Sensex fell 1.49% to 53,282.86. The benchmark indexes closed lower for a fourth straight session on Wednesday.
The Indian rupee plunged to a record low for a second time this week at 77.57 against the dollar amid a broader decline in Asian currencies.
Nifty's public sector banking index fell 3.2% and was the worst performer among the sub-indexes.
Nifty's metal, finance and auto sub-indexes fell nearly 2% each.
Jaguar Land Rover parent Tata Motors, down 2.5%, is expected to report quarterly results later in the day.
Stocks fell on Thursday as data showed U.S. inflation was persistently high, and investors feared about the economic toll of aggressive interest rate hikes to tame it. [MKTS/GLOB]
