MUMBAI: Rupee Faces Pressure Against the Dollar

The rupee experienced a significant drop, falling 41 paise against the dollar on Wednesday, influenced by the weakening yuan. Closing at 86.27 on Tuesday, the local currency reached a three-week low of 86.71 before settling at 86.68. Over three days, the rupee has weakened by a total of 144 paise against the dollar.

Stock Market Shows Resilience

Despite the escalating US-China tariff war, the stock market remained steady on Wednesday, closing only marginally down. The RBI's decision to cut interest rates by an expected 25-basis points had little impact on Dalal Street investors, as this move was already anticipated in the lead-up to the rate setting committee meeting.

Note: The stock market will remain closed on Thursday for Mahavir Jayanti and will reopen on Friday.