Re slides 40p, marks biggest fall in a month

MUMBAI: The rupee fell sharply on Wednesday, closing at 84.83 against the dollar, down 40 paise from its previous close of 84.43. This marked its steepest single-day drop in a month, driven by concerns over renewed geopolitical tensions between India and Pakistan and weakness in other Asian currencies.The currency opened lower after the govt said it struck nine terrorist infrastructure sites inside Pakistan. Market sentiment turned cautious, with risk aversion weighing on the rupee throughout the session.Other Asian currencies also weakened. The offshore Chinese yuan slipped to 7.22, and the Indonesian rupiah fell 0.5%. Indian equity markets were volatile, with the sensex and Nifty 50 oscillating between gains and losses.