The Indian rupee lost further momentum during the course of the day and is seen settling the day lower by around 40 paise at Rs 95.57 per dollar. Elevated crude oil prices and firm dollar index around 100 mark are seen pressurizing rupee. Dollar index spiked above 100 for the first time in two months following a strong jobs data on Friday, driving sooner than expected rate hike by Fed but has edged marginally below the level today. Meanwhile, Indian shares fell sharply on Monday, mirroring weak cues from global markets as Middle East worries persisted and robust U.S. jobs data led traders to ramp up bets on a Federal Reserve rate hike this year. The BSE Sensex and NSE Nifty 50 settled lower amid weak global cues, escalating tensions in West Asia, and rising crude oil prices. The Sensex dropped 719.08 points (0.97%) to settle at 73,524.26, while the Nifty fell 243.70 points (1.04%) to end the day at 23,123.00. Also, rupee weakened despite the Indian government introducing a retrospective tax exemption for foreign institutional investors earning income from government securities.
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