The Indian rupee came under renewed pressure in opening trades on Monday tracking surging oil prices and strength in greenback amid escalating tensions in the Middle East. INR opened at Rs 91.23 per dollar and fell to a low of 91.40 so far during the day. On Friday the counter ended at 91.08. Indian shares were sharply lower in early trade on Monday after U.S. President Donald Trump signaled the U.S.-Israeli military assault on Iranian targets could continue for weeks. Israel launched new air strikes targeting Tehran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon, suggesting the conflict may spread across the Middle East. The benchmark BSE Sensex was down 682 points, or 0.8 percent, at 80,605 while the broader NSE Nifty index fell by 233 points, or 0.9 percent, to 24,945. International oil prices are soaring amid disruptions in the Strait of Hormuz, which handles roughly one-fifth of global oil shipments. This does not bode well for the Indian unit.
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