Rupee plunges 31ps to 90.99/$
Mumbai: The rupee plunged 31paise to settle at 90.99 against the US dollar on Friday, tracking a strong American currency against major currencies and higher crude oil prices amid intensifying US-Iran tensions. Positive momentum in domestic equity markets failed to support the Indian, forex analysts said.
They attributed the strengthening greenback and volatile crude prices to heightened tension between the US and Iran, with both countries signalling they are prepared for war if talks on Tehran's nuclear programme fizzle out. At the interbank foreign exchange, the rupee opened at 90.94 against the US dollar and touched the intraday low of 91.04 during the session. It ended the session at 90.99, registering a steep loss of 31paise from the previous closing level.
The rupee rose 4paise to settle at 90.68 against the US dollar on Wednesday. The currency exchange markets were closed on Thursday on account of Chatrapati Shivaji Maharaj Jayanti. Anuj Choudhary, Research Analyst, Mirae Asset ShareKhan, said the rupee declined on geopolitical tensions and a strong dollar. Surge in crude oil prices also weighed on the domestic currency.
