The rupee slumped by 56 paise to settle at 93.39 (provisional) against the US dollar on Monday after a failed US-Iran peace talk fuelled uncertainties in West Asia, leading to a surge in crude oil prices and a global chase for the greenback.
According to forex analysts, uncertainties over the opening of Strait of Hormuz following the US announcement to blockade Iranian ports further intensified withdrawal for foreign capital from domestic equities, weakening the Indian currency.
At the interbank foreign exchange market, the rupee opened at 93.30 against the US dollar and moved between a low of 93.40 and a high of 93.25 during the session.
The unit closed the session at 93.39 (provisional) against the greenback, registering a loss of 56 paise from its previous closing level.
On Friday, the rupee settled 32 paise lower at 92.83 against the US dollar.
The forex market will be closed on Tuesday on account of Baba Saheb Ambedkar Jayanti. -- PTI
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