The Indian rupee depreciated 62 paise to close at 96.30 (provisional) against the US dollar on Tuesday, amid a surge in crude oil prices and renewed geopolitical concerns. At the interbank foreign exchange market, the rupee opened at 95.95 and settled for the day at 96.30 (provisional), down 62 paise from its previous closing. Indian shares fell notably on Tuesday after U.S. President Donald Trump said he would reimpose the U.S. blockade on Iranian shipping and proposed to charge the equivalent of 20 percent of cargo moving through the Strait of Hormuz for guarding it, escalating a standoff over control of the strategic waterway. Global bond yields surged and Brent crude futures jumped to a one-month high above $86 a barrel as escalating military activity across the Gulf raised concerns over shipping costs, inflation risks and the outlook for interest rates. The NSE Nifty 50 closed at 24,052.05 (down 158.95 points or 0.66%), while the BSE Sensex settled at 77,054.94 (down 561.46 points or 0.72%), halting a three-day winning streak.
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