The Indian rupee continued its slide, dropping by 7 paise to close at 85.60 against the US dollar as of Thursday’s provisional closing. The decline was attributed to a stark downturn in domestic equity markets and a simultaneous surge in global crude oil prices, experts noted.
Foreign exchange markets saw the rupee opening at 85.43, fluctuating within a narrow band before settling lower. According to Anil Kumar Bhansali of Finrex Treasury Advisors, heightened dollar demand by oil companies, spurred by a climb in crude prices, exacerbated pressure on the rupee.
Concurrently, a tragic crash of an Air India flight heading to London claimed several lives, overshadowing financial events. In the stock markets, the BSE Sensex plummeted over 800 points, reflecting broader economic concerns as global indicators and fiscal policies adjust to new economic data and market dynamics.
(With inputs from agencies.)
