Soaring oil prices and notable weakness in local equities weigh on INR
Mumbai, July 20 -- The Indian rupee weakened in opening trades on Monday due to a surge in crude oil prices and strong demand for the American currency amid the worsening West Asia crisis. Foreign capital outflows from domestic equity markets also weighed on the Indian currency. Local shares traded notably lower on Monday as U.S. forces struck Iran for a ninth consecutive day, and Iran retaliated by firing missiles toward Jordan that risked widening the conflict into neighboring Israel. Brent crude prices climbed above $90 a barrel for the first time since mid-June, fanning inflation fears and clouding the outlook for interest rates. The benchmark BSE Sensex was down 640 points, or 0.8 percent, at 77,512 in early trade while the broader N...
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