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The Indian rupee weakened to 87.53 against the dollar on Friday, despite likely RBI intervention, capping a turbulent week marked by new US tariffs. Portfolio outflows and higher-than-expected baseline tariffs contributed to the rupee's decline, hitting a record low of 87.59 on Thursday.
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News and Media
PNB Housing Finance shares plummeted over 17% following CEO Girish Kousgi's unexpected resignation, marking its worst fall since 2018. Kousgi, known for revitalizing struggling lenders, leaves a leadership void, being the third top-level exit this fiscal year.
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Indian equity indices closed nearly 1% lower on Friday, marking their fifth consecutive week of losses due to concerns over potential US tariffs on Indian exports. The NSE Nifty ended at 24,565.35, while the BSE Sensex closed at 80,599.91. Pharma stocks were among the top losers, with Sun Pharmaceutical Industries tumbling 4.5%. Foreign portfolio investors sold shares worth 3,366.
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