INR loses for fourth straight session beyond Rs 94/$ mark amid soaring oil prices

The Indian rupee extended its losing streak for the fourth consecutive session, settling 33 paise lower at 94.11 (provisional) on Thursday and breached the 94-level for the second time in a month amid soaring crude oil prices as West Asia peace talks moved to an uncertain trajectory. Massive selling of domestic equities and incessant withdrawal of foreign funds amid rising worldwide demand for the American currency further weighed on the domestic unit, which has lost over 1 per cent in a week. Indian shares tumbled on Thursday to extend steep losses from the previous session, with rising crude oil prices amid stalled U.S.-Iran peace talks, and rupee weakness linked to the RBI's partial rollback of earlier curbs on derivative trades weighing on markets. The local market suffered a sharp decline for the second consecutive session, with the Sensex falling 852.49 points (1.09%) to close at 77,664.06, and the Nifty 50 dropping 205.05 points (0.84%) to finish at 24,173.05. At the interbank foreign exchange market, the rupee opened at 94.03 and hit an intra-day low of 94.17 against the greenback. It also touched the day's high of 93.98 before ending at 94.11 (provisional) against the US dollar, logging a loss of 33 paise from the previous closing level.