The Indian rupee fell sharply beyond Rs 96 per dollar mark near record low levels in opening trades on Monday as oil prices jumped to around a one-month high on renewed tensions in Middle East. INR depreciated 48 paise to 96.18 against the US dollar in early trade on Tuesday as heightened geopolitical uncertainty put pressure on most Asian currencies, including the rupee. Escalating tensions in the Middle East drove oil prices sharply higher, fueling concerns over inflation and the interest rate outlook. The move followed President Donald Trump's decision to reinstate a blockade on Iranian vessels transiting the Strait of Hormuz and seek reimbursement from countries benefiting from US efforts to secure the vital shipping lane. At the interbank foreign exchange market, the rupee opened at 95.95 then lost ground and touched 96.16 registering a fall of 48 paise from its previous close. The domestic stock market benchmarks are also trading in the red. The NIFTY 50 is trading at 24,131.45, down 0.33%, while the BSE Sensex is hovering around 77,289.79, down approximately 326 points (0.42%) from its previous close.
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