Comments
The Indian rupee which tumbled 25 paise to 72.07 against the US dollar in opening trade on Wednesday recovered and achieved gains in late session.
At 4.40 pm, the rupee was quoted higher by 10 paise at 71.72 against the dollar.
The rupee fell initially as Mideast tensions flared up after Iran fired rockets at US military bases in Iraq.
Asian markets dived while oil prices firmed up after Iran fired more than a dozen ballistic missiles at two Iraqi bases with US personnel in retaliation to the killing of its top general Qassem Soleimani.
At the interbank foreign exchange market, the rupee opened weak and slipped to the 72-mark against the greenback in early deals.
The local unit had closed at 71.82 per dollar on Tuesday.
Global oil benchmark Brent crude futures shot up 1.32 per cent to USD 69.17 per barrel as investors fretted over supply disruptions following the escalation in US-Iran tensions.
Foreign funds sold shares worth a net Rs 682.23 crore on Tuesday, provisional data showed.
On the domestic macroeconomic front, India’s GDP growth has been projected to slump to an 11-year low of 5 per cent in the current fiscal, mainly due to poor showing by manufacturing and construction sectors, according to government data released on Tuesday.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.