INR slides near two-month low amid pessimistic global sentiments

The Indian rupee declined 19 paise to close at 86.24 (provisional) against the greenback on Tuesday weighed down by a rise in global crude oil prices amid the escalating Iran-Israel war, and a strengthening dollar. This marked around two-month low level for INR against the US dollar. Weak sentiments in the domestic equity markets and FII outflows put further pressure on the rupee. Indian shares ended Tuesday's session modestly lower as the conflict between Israel and the Islamic republic raged and U.S. President Donald Trump called for the immediate evacuation of Tehran, signaling potential escalation of the conflict. A rebound in oil prices along with recent FII selling weighed on markets as fighting between Iran and Israel continued for a fifth day. The benchmark 30-share BSE Sensex dropped 212.85 points, or 0.26 percent, to 81,583.30 while the broader NSE Nifty index closed at 24,853.40, down 93.10 points, or 0.37 percent, from its previous close. At the interbank foreign exchange, the rupee opened at 85.96 against the US dollar and traded in the range of 85.96-86.28 during the day. The rupee had closed at 86.04 against the rupee on Monday. USDINR futures ended higher by 0.22% at 86.28.

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