INR PARES EARLY SHARP LOSES TOWARDS 88/$ MARK TO SETTLE ON FLAT NOTE

Published on Feb 10, 2025 17:32

The Indian rupee pared early day losses and managed to settle almost flat against the dollar on Monday. Rupee had plunged 45 paise and moved closer to the 88 per US dollar-level during initial trades, weighed down by the strength of the American currency tariff concerns, but settled on a flat note at around 87.50 (provisional) on suspected RBI intervention. Weakness in domestic equities also worsened sentiments for the counter. Indian shares fell notably on Monday and the benchmark S&P/BSE Sensex ended the session down 548.39 points, or 0.70 percent, at 77,311.80, after having fallen to a low of 77,106 earlier. The broader NSE Nifty index hit an intraday low of 23,316.30 before closing down 178.35 points, or 0.76 percent, at 23,381.60. The American currency gained in the overseas market after US President Donald Trump`s plans to impose 25 per cent tariffs on steel and aluminum imports, along with reciprocal tariffs targeting countries taxing US exports. The move has added jitters over the global trade war with China`s reciprocal duties coming into effect, they said