INR seen cautious in opening trades

The Indian rupee depreciated 9 paise to 95.17 against the US dollar in early trade on Thursday as the support from lower crude oil prices were offset by lingering geopolitical risks. Local shares were modestly higher in cautious trade after Iran said it had reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, making a potential step toward reopening of the critical waterway for energy supplies. The benchmark BSE Sensex was up 195 points, or 0.3 percent, at 78,775 while the NSE Nifty index edged up by 14 points 24,639. At the interbank foreign exchange market, the rupee opened at 95.13, then touched 95.17 against the American currency, registering a fall of 9 paise from its previous close. On Wednesday, the rupee settled at 95.08 against the American currency.

 

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