Indian rupee weakens further, breaches 70.80 USD mark
- The Indian rupee weakened to 70.82 per
US dollarfrom its previous close of 70.73.
- Political tensions rising with the abrogation of article 370 in J&K, also resulted in foreign investors selling their equities.
- Foreign investors sold over ₹2,000 crore worth of equities.
The Indian rupee weakened to 70.82 per US dollar from its previous close of 70.7350.
Global cues, such as a rise in protectionist measures along with a massive fall in the Chinese yuan and other emerging markets (EMs) currencies, kept the Indian rupee subdued.
Additionally, political tensions after the Central government decided to abrogate Article 370 which provided special status to Jammu and Kashmir and bifurcate the state, further spooked foreign investors who sold over Rs 2,000 crore worth of equities.