Rupee hits over 10-week low, slumps 35 paise against USD
Mumbai: The Indian rupee on Wednesday plunged by 35 paise to close at its weakest level in over 10 weeks at 74.76 against the US dollar as investors appeared cautious looking for clarity on the US election outcome and the latest tranche of fiscal stimulus.
At the interbank forex market, the rupee opened at 74.74 against the greenback and witnessed an intra-day high of 74.57 and a low of 74.90. It finally settled at 74.76 -- its lowest level since August 21 this year.
The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.35 percent to 93.88.
"The rupee will continue to be in focus till clarity emerges on the US election outcome and the latest tranche of fiscal stimulus. In times of uncertainty, investors tend to rush towards the USD which is a safe haven," Nish Bhatt, Founder & CEO, Millwood Kane International, said.
Brent crude futures, the global oil benchmark, rose 0.38 percent to USD 39.86 per barrel.
On the domestic equity market front, BSE benchmark Sensex ended 355.01 points or 0.88 percent higher at 40,616.14; and the broader NSE Nifty climbed 95 points or 0.80 percent to 11,908.50.
"The big risk to the currency market is the uncertainty over the new US President and the inconclusive election result. The Democrats are leading but Republicans are catching up. In such a scenario, traders are preferring to go against the rupee," said Rahul Gupta, Head of Research- Currency, Emkay Global Financial Services.
The closely-fought US presidential election appeared to be headed into an uncertain phase with Republican incumbent Donald Trump and his Democratic challenger Joe Biden fighting it out in the key battleground states.
"The rupee depreciated against the greenback as investors continued to have faith in the dollar over US election outcome concerns," said Sriram Iyer, Senior Research Analyst at Reliance Securities.
Iyer further said that investors will be also looking to the US Federal Reserve and Bank of England monetary policies, due on Thursday.
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Shehbaz Sharif says ceasefire extends beyond Iran, including “Lebanon and elsewhere”
Islamabad: Pakistan’s Prime Minister Shehbaz Sharif has said the ceasefire agreement between Iran, the United States and their allies extends beyond the immediate conflict and includes “Lebanon and elsewhere,” adding that it is effective immediately.
In a social media post, Sharif said, “I warmly welcome the sagacious gesture extend deepest gratitude to the leadership of both the countries and invite their delegations to Islamabad on Friday, 10th April 2026, to further negotiate for a conclusive agreement to settle all disputes.”
He said both sides had shown “remarkable wisdom and understanding” and remained constructively engaged in efforts aimed at peace and stability during the high-stakes mediation process.
“We earnestly hope that the ‘Islamabad Talks’ succeed in achieving sustainable peace and wish to share more good news in coming days,” Sharif added.
With the greatest humility, I am pleased to announce that the Islamic Republic of Iran and the United States of America, along with their allies, have agreed to an immediate ceasefire everywhere including Lebanon and elsewhere, EFFECTIVE IMMEDIATELY.
— Shehbaz Sharif (@CMShehbaz) April 7, 2026
I warmly welcome the…
