INR loses further momentum as oil prices ascend on Hormuz led tensions
Mumbai, Aug. 12 -- The Indian rupee fell 6 paise to 95.42 against the US dollar in early trade on Wednesday, weighed down by the sharp rise in Brent crude toward USD 90/bbl, as hopes of a quick US-Iran agreement and reopening of the Strait of Hormuz faded. Markets are increasingly sceptical about a quick US-Iran agreement, while reports of attacks on shipping have renewed concerns about physical supply. INR opened at Rs 95.40 per dollar and hit a low of 95.44 so far during the day. Local shares opened lower, extending losses from the previous session as Brent crude futures held near $89 a barrel on growing concerns about prolonged disruptions to supply. Brent prices soared nearly 12 percent over the previous session as the U.S. and Iran r...
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