Rupee slides to a new low, RBI lends support

The Indian rupee weakened 14 paisa on Wednesday to close at a record low of 85.845/$1, amid strong US economic data and slower Federal Reserve rate cut speculation.

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IT stocks tumble as outlook turns hazy

The Nifty IT index tumbled 4.2% – the biggest loser among sector indices. Shares of Persistent Systems plunged 10%, while Coforge dropped nearly 8%. TCS,