India, July 8 -- The Indian rupee depreciated by 20 paise to 95.16 against the US dollar in early trade on Wednesday, weighed down by escalating geopolitical tensions in West Asia.
The local currency came under pressure after the US carried out fresh strikes on Iran following Tehran's attack on three ships in the Strait of Hormuz. The developments pushed crude oil prices higher and boosted demand for the US dollar, impacting emerging market currencies.
A weak opening in the domestic equity markets further added to the pressure on the rupee, forex traders said.
Published by HT Digital Content Services with permission from Dion Global Solutions Limited....