BENGALURU (Reuters) - Indian shares ended lower on Friday after a U.S. air strike in Iraq killed a top Iranian commander, dampening appetite for risky assets and pushing up oil prices on fears of supply disruptions.
The rupee plunged 0.54% to 71.7575 against the dollar. India, the world’s third-biggest oil consumer, imports about 80% of its oil needs, making it highly susceptible to crude price swings.
Investors sought refuge in safe haven assets such as gold, with stocks in other Asian as well as European markets taking a hit.
Shares in IT services companies, which receive a bulk of their revenue from overseas and benefit from a weaker rupee, gained. Tata Consultancy Services Ltd TCS.NS closed 2% higher, and was the third biggest gainer on the Nifty 50.
Reporting by Philip George; Editing by Saumyadeb Chakrabarty
Our Standards: The Thomson Reuters Trust Principles.