INR extends downside amid sharp rise in oil prices

The Indian rupee declined 13 paise to settle at 95.43 (provisional) against the US dollar on Tuesday, tracking a sharp rise in global crude oil prices amid geopolitical uncertainties. However, recent foreign capital inflows provided some support to the local unit. Local shares ended Tuesday's session lower after Brent crude futures topped $90 a barrel amid fading hopes for a deal between Washington and Tehran to reopen the Strait of Hormuz, a critical waterway for global energy supplies. The BSE Sensex dropped 388.19 points (0.49%) to close at 78,154.25, while the NSE Nifty 50 fell 112.10 points (0.46%) to finish at 24,471.70. At the interbank foreign exchange market, the rupee opened at 95.38 against the US dollar and traded in a very narrow range of 95.37-95.45. Eventually it settled at 95.43 (provisional), down 13 paise from its previous close.