The Indian rupee fell further in opening trades on Thursday, weighed down by soaring oil prices amid escalating concerns on the Strait of Hormuz. Higher oil prices are keeping inflation pressures elevated and reinforcing expectations that interest rates could stay higher for longer. Iran-backed Houthi militants reportedly claimed attacks on two Saudi oil tankers in the Red Sea, raising risks of broader energy supply disruptions, while President Trump warned of strikes on Iranian infrastructure if shipping through the Strait of Hormuz is targeted. INR opened at Rs 96.53 per dollar and hit a low of 96.55 so far during the day. Yesterday, rupee depreciated to 96.53 against the US dollar. Risk aversion in global markets and a negative trend in domestic equities further dented investor sentiments. The NSE Nifty 50 trades at around 23,953.35 (down 0.18%) and the BSE Sensex stands at 76,584.85. Meanwhile, heightened geopolitical tensions are supporting dollar as safe haven demand further pressurizing the local unit.
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