Rupee crashes 42ps to 91.50/$

Mumbai: The rupee saw a steep loss of 42paise to settle at 91.50 against the US dollar after US and Israeli attacks on Iran intensified worldwide risk aversion, setting crude oil prices on fire and demand for the American currency soaring. Massive selling in domestic equity markets and withdrawal of foreign funds further dragged the Indian currency down, forex traders said. At the interbank foreign exchange, the rupee opened at 91.23 and touched the intraday low of 91.65 against the greenback. The currency ended the session at 91.50 against the dollar, registering a steep loss of 42paise from the previous closing level. On Friday, the rupee lost 17paise to settle at 91.08 against the dollar. Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said the rupee declined nearly half a per cent on risk aversion in global markets after the US and Israel attacked Iran over the weekend. He said the FII outflows and overnight gains in crude oil prices further pressurised the rupee, which is expected to trade with a negative bias on risk-off sentiments in global markets amid heightened geopolitical tensions.