Forex Market

Rupee falls 49 paise to 93.32 against dollar in early trade amid Iran war

The rupee depreciated 49 paise to 93.32 against the US dollar in early trade on Monday, weighed down by higher crude oil prices and a firm American currency amid a volatile geopolitical situation. Renewed tension in West Asia and uncertainties on the opening of the Strait of Hormuz following inconclusive Iran-US peace talks triggered a surge in crude oil prices, while investors rushed to withdraw funds from domestic equities, putting further pressure on the Indian currency, forex traders said. At the interbank foreign exchange market, the rupee opened at 93.30 against the US dollar and lost further ground, trading at 93.32 against the greenback in early deals, down 49 paise from its previous closing level. On Friday, the rupee settled 32 paise lower at 92.83 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was higher by 0.38 per cent at 98.81. Brent crude, the global oil benchmark, was trading higher by 7

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