INR edges lower amid lingering geopolitical tensions

The Indian rupee depreciated 7 paise to 95.40 against the US dollar in early trade on Thursday pressured by lingering geopolitical risks. DXY edging close to 100 mark is also adding weight on the local currency. Crude oil prices however eased this morning that could limit losses in the counter. Investor sentiment remains fragile as the standoff between US and Iran does not seem to be coming to an end with Iran warning of keeping the Strait of Hormuz closed till 2029 while the US President saying that the Hormuz is in USs command. At the interbank foreign exchange market, the rupee opened at 95.40, registering a fall of 7 paise from its previous close. Indian shares also opened lower, keeping a check on rupee gains, with key benchmark indexes extending losses for a third day running as attacks on ships in the Middle East continued and the U.S. and Iran remained deadlocked over efforts to permanently end their five-month-old war. The benchmark BSE Sensex was down 178 points, or 0.2 percent, at 77,788 in early trade, while the NSE Nifty index dropped 104 points, or 0.4 percent, to 24,333.

 

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