India, May 11 -- The Indian rupee witnessed a sharp fall on Monday, tumbling 139 paise to 94.90 against the US dollar in early trade amid rising geopolitical tensions and surging crude oil prices.
The decline came after US President Donald Trump rejected Iran's response to the US peace proposal, triggering a spike in global oil prices and strengthening the US dollar.
Forex traders said heavy foreign portfolio investor (FPI) outflows and a stronger greenback further weighed on the domestic currency. At the interbank foreign exchange market, the rupee opened at 94.97 before recovering marginally to 94.90 against the US dollar, compared to its previous close.
Published by HT Digital Content Services with permission from Dion Global Solution...