INR stays pressured amid elevated oil prices and heavy selling in domestic equities

The Indian rupee stayed range-bound throughout the session on Friday and ended 6 paise lower at 91.70 (provisional) against the US dollar, resisting pressure from elevated crude oil prices and suspected RBI intervention. Heavy selling in domestic equities and withdrawal of foreign funds further dragged the rupee down. Indian shares fell sharply on Friday as the Middle East war unleashed by U.S.-Israeli attacks on Iran swelled outwards to Cyprus, Sri Lanka, Turkey and Azerbaijan, raising concerns about the outlook for trade, prices and investment. Oil prices continued to rise and were set for hefty weekly gains as the furious military operations in the Middle East region entered 7th day.The benchmark BSE Sensex tumbled 1,097 points, or 1.37 percent, to 78,918.90 while the broader NSE Nifty index plummeted 315.45 points, or 1.27 percent, to 24,450.45. However, the depreciation was capped following the US administration's decision to allow Indian refiners to purchase Russian oil for 30 days, a move to ease pressure on global energy flows amid the ongoing war in West Asia.

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