Mumbai: The Indian rupee depreciated against the US dollar in early trade on Wednesday. As per forex traders, military strikes against terrorist camps in Pakistan and Pakistan-Occupied Kashmir bring the focus on the escalation of conflict onto the rupee.
Indian armed forces on early Wednesday carried out missile strikes on nine terror targets in Pakistan and Pakistan-Occupied Kashmir including the Jaish-e-Mohammad stronghold of Bahawalpur and Lashkar-e-Taiba’s base in Muridke. The military strikes were conducted under Operation Sindoor two weeks after the Pahalgam attack that killed 26 civilians.
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At the interbank foreign exchange, the domestic currency opened at 84.65 and fell to 84.66 against the US dollar, registering a loss of 31 paise over its previous close. On Tuesday, the rupee settled for the day 5 paise lower at 84.35 against the US dollar.
Meanwhile, the dollar index, which gauges the US dollar’s strength against a basket of six currencies, was trading higher by 0.30 per cent at 99.53.
In the domestic equity market, the 30-share BSE Sensex declined 107.74 points, or 0.13 per cent, to 80,533.33, while the Nifty fell 24.35 points, or 0.10 per cent, to 24,355.25. Foreign institutional investors (FIIs) bought Indian equities worth Rs 3,794.52 crore on a net basis on Tuesday.
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