The Indian rupee depreciated 7 paise to close at 85.77 (provisional) against US dollar on Friday, on weak domestic markets and risk-off sentiments amid trade tariff uncertainty. Indian shares fell notably on Friday, with weaker-than-expected Q1 earnings from TCS and escalating global trade tensions weighing on investor sentiment. Trade worries returned to the fore after U.S. President Donald Trump announced a 35 percent tariff on Canadian imports, starting Aug. 1, in a dramatic escalation of a trade war with the United States' closest ally over the country's alleged role in fentanyl flows. He also talked about blanket tariffs of 15 percent to 20 percent on most of America's trading partners and announced plans to make a 'major statement' on Russia, denting investors' appetite for riskier assets. The benchmark S&P/BSE Sensex hit an intraday low of 82,442 before closing down 689.91 points, or 0.83 percent, at 82,500.47. The broader NSE Nifty index closed down 205.40 points, or 0.81 percent, at 25,149.85, after having hit a low of 25,129 earlier. At the interbank foreign exchange, the rupee opened at 85.76 against the US dollar, and touched an intra-day low of 85.91 during the day. The local unit finally settled for the day at 85.77 (provisional), down 7 paise from its previous close. On the NSE, USDINR futures ended marginally higher at 85.84.

Powered by Capital Market - Live News