INR pares initial sharp losses; Geo-political concerns continue to weigh

The Indian rupee pared its initial losses and settled for the day higher by 17 paise at 85.41 (provisional) against the US dollar on Friday. Rupee opened on a weak note on the escalation of hostility between India and Pakistan. Indian shares fell sharply on Friday to extend losses from the previous session after the Indian Army said it had countered the Pakistani attack on Indian cities late last night, fueling concerns of further escalation between the two nuclear-armed nations. Amid heightened uncertainty, the benchmark S&P BSE Sensex slumped 880.34 points, or 1.10 percent, to 79,454.47. The broader NSE Nifty index closed at 24,008, down 265.80 points, or 1.10 percent, from its previous close. At the interbank foreign exchange, the domestic unit opened at 85.88 and moved between the intra-day high of 85.32 and the low of 85.88 against the greenback. The unit ended the session at 85.41 (provisional), registering a gain of 17 paise over its previous closing level.

Powered by Capital Market - Live News