Overview

• The rupee rebounded 47 paise to close at 87.18 per dollar on August 1.
• Slower-than-expected U.S. job growth drove a steep decline in the dollar index, easing pressure on the rupee.
• Brent crude tumbled nearly 3% to $69.70 a barrel, reducing import costs and supporting currency gains.
• Reports of Reserve Bank intervention at record low levels helped pare the rupee’s initial losses.
• Domestic equities slid—Sensex fell 585.67 points to 80,599.91 and Nifty dropped 203 points to 24,565.35—while foreign investors offloaded ₹3,366.40 crore and 25% U.S. tariffs on Indian imports take effect August 7.