Indian rupee closes at 95.75 dropping 50 paise amid tensions
Business
The Indian rupee just closed at 95.75 against the US dollar, dropping 50 paise in a single day.
This slide happened as global tensions, especially between the US and Iran, shook up markets, making the dollar stronger and leaving the rupee struggling.
The currency hovered between 95.55 and 95.76 before settling at its closing point.
Foreign investors pulled out ₹2,100cr
A quick gain on Wednesday (amid likely intervention from the RBI) wasn't enough to stop the fall, as foreign investors pulled out over ₹2,100 crore from Indian stocks, and local markets stayed weak.