WEB DESK: The Indian rupee declined against the U.S. dollar in the non-deliverable forward (NDF) market on Wednesday, after Indian armed forces hit multiple sites in Pakistan and what the Indian government described as “Pakistan-occupied Jammu and Kashmir”.
The 1-month NDF indicated that, the rupee is likely to trade at 84.64-84.68 when onshore spot market opens, down from 84.4325 on Tuesday.
India attacked Pakistan and Pakistani Kashmir on Wednesday with at least eight deaths reported, while Pakistan called the assault a “blatant act of war”.
India said it struck nine Pakistani sites on Wednesday that were “terrorist infrastructure”. The strikes by India came on the back of a deadly attack on its side of Kashmir last month.
Indian armed forces launched Operation Sindoor in the early hours of May 7, two weeks after 26 people were killed in a terror strike in Kashmir’s Pahalgam.
