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The rupee on Tuesday snapped its gains of previous two sessions and closed 10 paise lower at 71.07 to the US dollar amid fears of escalation in geopolitical tensions following Indian fighter jets’ air strikes on Pakistan-based terror camps.
Besides, weakening investor sentiments in domestic equity market and rising global crude oil prices impacted the rupee movement.
Reacting to rising tensions between India and Pakistan, the domestic currency opened 30 paise lower at 71.27 in the early trade and further weakened to 71.35 as the day progressed. However, it recovered from early plunge to settle at 71.07, a loss of 10 paise against the dollar.
Similarly, growing geo-political tensions also hit investor sentiments in domestic equity markets, with benchmark Sensex diving 240 points to close at 35,974.
According to analysts, market movement is likely to be cautious until further clarity over cross border threat.
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