INR slumps to 2-month low beyond 86/$ mark

The Indian rupee slumped in opening trades on Friday tracking pessimistic global sentiments amid ongoing tensions in the Middle East. Weak equities and surging oil prices weighed heavily on the counter that fell to a two month low beyond 86 per dollar mark. The domestic currency opened at Rs 86.25 per dollar but recovered slightly to 86.13 so far during the day. Yesterday, rupee rose 1 paisa to close to 85.52 against the US dollar. Benchmark indexes Sensex and Nifty fell around 1 percent each on Thursday in the face of trade uncertainties and heightened geopolitical risks. As per media report, Israel has launched unprecedented attack on Iran, targeting the heart of nations nuclear program and senior military leaders. The move plunges the Middle East into fresh uncertainty with the real risk of a wider regional war now breaking out.

 

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