INR falters beyond Rs 93 per dollar as oil spikes back above $100 mark

The Indian rupee pushed back brief gains witnessed last week after RBI aggressive measures and slipped back beyond Rs93 per dollar mark on Monday. INR fell more than 50 paise to settle at 93.35 (provisional) against the US dollar after a failed US-Iran peace talk fuelled uncertainties in West Asia, leading to a surge in crude oil prices and a global chase for the greenback. Uncertainties over the opening of Strait of Hormuz following the US announcement to blockade Iranian ports further intensified withdrawal for foreign capital from domestic equities, weakening the Indian currency. Indian benchmark indices closed lower due to rising crude oil prices and geopolitical tensions in West Asia. The BSE Sensex closed at 76,847.57, declining by 702.68 points or 0.91%, while the NSE Nifty 50 finished at 23,842.65, down by 207.95 points or 0.86%. At the interbank foreign exchange market, the rupee opened at 93.30 against the US dollar and moved between a low of 93.40 and a high of 93.25 during the session.