Rupee Plummets 45ps To 84.80/$

Mumbai: The rupee depreciated 45paise to close at 84.80 against the US dollar on Wednesday, as heightened cross-border tensions following India’s military strikes against terrorist camps in Pakistan and Pakistan-Occupied Kashmir weighed on the domestic currency. 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. Forex traders said the Indian rupee declined on Wednesday after the Indian Army conducted ‘Operation Sindoor’ and struck terrorist camps in Pakistan and Pakistan-Occupied Kashmir, which weighed on the domestic currency. At the interbank foreign exchange, the domestic unit opened at 84.65 and moved between an intra-day high of 84.47 and a low of 84.93 against the greenback. The unit ended the session at 84.80, registering a fall of 45paise over its previous closing level. On Tuesday, the rupee settled for the day 5 paise lower at 84.35 against the US dollar amid growing uncertainty and a cautious recalibration of risk appetite.