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Currency News

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(25 Feb 2025, 17:38)

INR plunges amid negative global cues; month-end dollar demand


The Indian rupee fell sharply by 51 paise to settle at 87.23 (provisional) against the US dollar on Tuesday due to month-end dollar demand by importers amid uncertainty over US trade tariffs. Elevated greenback against major crosses and sustained FII outflows also contributed to the decline in the domestic unit. A cautious undertone prevailed in the wake of fresh U.S. trade measures against China and President Donald Trump's comments that tariffs on Canada and Mexico will proceed as planned once the monthlong delay ends next week. The benchmark 30-share BSE Sensex moved in a narrow range before ending the session up 147.71 points, or 0.20 percent, at 74,602.12. The broader NSE Nifty index closed at 22,547.55, down 5.80 points, or 0.03 percent, from its previous close. At the interbank foreign exchange, the rupee opened weak at 86.83 and kept losing ground through the day before settling at 87.23 (provisional), 51 paise lower than its previous close.

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