The Indian rupee was defensive against the U.S. dollar in afternoon deals on Wednesday, as India-Pakistan tensions flared up, with Indian Air defence forces shooting down Pakistani Air Force F-16 fighter jet in Jammu and Kashmir's Poonch and Rajouri sectors.
The Indian rupee dropped to an 8-day low of 71.51 against the greenback from yesterday's closing value of 70.92. The next possible support for the rupee is seen around the 73.00 area.
A day after the Indian Air Force dropped bombs on the Jaish-e-Mohammed terror camps in Balakot region, Pakistan shot down two Indian jets and arrested two Indian pilots.
Reflecting escalation of hostilities, India shot down a Pakistani F-16 jet that violated the Indian air space in Lam Valley along the Line of Control.
Nine airports, including those in Srinagar and Jammu, were closed today.