Rupee falls 89p, the most since FebRUARY 2023
Mumbai, May 9 -- The Indian rupee fell nearly 1% on Thursday amid rising tensions between India and Pakistan.
The local currency opened at 84.61 and moved between an intra-day high of 84.52 and a low of 85.77 against the dollar. It closed 89 paise lower at 85.72, marking the worst day since 6 February 2023.
Both the currency and stock marketsdeclined on Thursday after India confirmed it had targeted air defence radars and systems at a number of locations in Pakistan, while Pakistan's military said it had shot down 25 Indian drones.
The dollar index, which gauges the dollar's strength against a basket of six currencies, was trading higher by 0.46% at 100.07.
"With hostilities increasing and if RBI does not step in, we can see the rupee reach...
To read the full article or to get the complete feed from this publication, please
Contact Us.