A jump in crude prices, after US President Trump’s administration decided not to reissue waivers on import of Iranian oil, which paved way to a fall in the Indian rupee on Monday.
The domestic currency, rupee opened at 69.62 per US dollar, a bit higher than its last closing. The rupee, on Monday, has depreciated by 32ps to close at a 2-week low of Rs69.67 against the U.S dollar.
Crude Oil prices surged more than 2%, close to a 6-month high, on Monday over growing concern about tight global supplies after the United States announced a tightening-up on Iranian oil exports. US crude futures last traded at USD65.78/barrel, up 0.4% on the day. Crude oil, on early trade, was at USD74.33/barrel, up 0.4% from their last close.
Asian markets were little changed on Tuesday, with concerns China may decrease the pace of policy easing curbing the market’s fervor.
Meantime, in the domestic opening market, stocks moved a little higher on buying demands. At 9.30am, the BSE Sensex was up 138pts at 38,783.52. The Nifty50 index of the NSE was up 37pts at 11,631.65.