Fresh Tension In West Asia Takes Inr Back Below Rs 93 Per Dollar Mark

The Indian rupee pared its initial gains and settled with a loss of 27 paise at 93.18 (provisional) against the US dollar on Monday, after fresh tension in West Asia led to an increased demand for the American currency and kept crude prices steady. Sharp surge in oil prices and rebound in dollar added pressure on the local unit. The local currency remained under pressure due to a fresh standoff between the US and Iran that led to a closure of the Strait of Hormuz, disrupting global supply. At the interbank foreign exchange market, the rupee opened at 92.73 and touched an intra-day high of 92.70 against the greenback. It also hit the day's low of 93.24 during the session. Indian shares ended little changed on Monday after a somewhat choppy session. The Sensex closed up 26.76 points or 0.03% at 78,520.30, while the Nifty 50 gained 11.30 points or 0.05% to settle at 24,364.85.