The Indian rupee is likely to give up gains registered last weekend as dollar firms up and international oil prices pick up momentum on renewed uncertainty between war nations. Lack of clarity on war stance is adding to a spike in international oil prices this morning, triggering inflation concerns and denting overall sentiments. On Friday, rupee appreciated 53 paise to close at 95.05 against the US dollar. The domestic currency gained momentum near a three week high on an overnight decline in crude oil prices and a fall in the US dollar, after the US and Iran reached an understanding to extend the ceasefire for another 60 days although Trumps approval on the same is awaited. Meanwhile, BSE Sensex closed about 1.4% down at 74,775.7 on Friday, extending losses for a third session, restricting upside in the counter as investors remained cautious amid ongoing FII outflows, persistent geopolitical uncertainty and weaker-than-normal monsoon forecasts that could impact inflation.
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