Rupee weakens further; analysts warn of continued pressure
Indian currency falls sharply as global cues turn negative: The Indian rupee depreciated by 52 paise to close at 93.35 against the United States dollar on Monday, weighed down by global uncertainty after the collapse of talks between the US and Iran. Rising crude oil prices and increased demand for the dollar added pressure on the domestic currency. The rupee opened at 93.30 in the interbank foreign exchange market, touched a low of 93.40 and a high of 93.25 before settling lower.
Forex analysts said concerns over a possible blockade in the Strait of Hormuz and continued geopolitical tensions triggered foreign capital outflows from Indian markets. A stronger dollar and risk-averse sentiment further weakened the rupee. Markets will remain closed on Tuesday due to Ambedkar Jayanti, keeping trading activity paused for the day.
Meanwhile, domestic equity markets also declined sharply, with the BSE Sensex falling 702.68 points and the Nifty 50 dropping 207.95 points. Brent crude prices surged to $102.52 per barrel, while foreign institutional investors sold shares worth ₹1,983 crore, reflecting continued pressure on Indian financial markets.
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