INR under pressure amid elevated oil prices and weakness in local equities
Mumbai, Aug. 4 -- The Indian rupee slipped 3 paise to close at 95.40 (provisional) against the US dollar on Tuesday amid elevated crude oil prices and weakness in domestic equities. Local shares ended Tuesday's session lower after four consecutive sessions of gains. Investors booked profits at higher levels as Middle East worries persisted and oil prices rebounded from three- week lows following mixed messages regarding U.S.-Iran peace negotiations. Strengthening US dollar also put pressure on the domestic currency, but recent foreign fund inflows cushioned the fall. At the interbank foreign exchange, the rupee opened at 95.35 against the greenback and traded in a tight range of 95.25-95.42 during the session. It eventually settled at 95....
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