The Indian rupee slumped by 34 paise to close at 95.08 (provisional) against the American currency on Wednesday as crude prices crossed the USD 100 per barrel mark, stoking concerns over inflation and high forex outflows. Weak equity markets and FII outflows also pressurised the rupee. Brent crude futures surpassed USD 100 a barrel for the first time in almost six weeks after attacks on oil facilities and ships in West Asia threatened to weaken the already strained supply chain amid the US-Iran tensions. Brent crude was trading higher by 2.5 per cent at USD 100.5 per barrel. Indian shares fell for a third consecutive session on Wednesday due to renewed tensions in the Gulf region and concerns over a possible interest rate hike by the U.S. Federal Reserve. The BSE Sensex and NSE Nifty 50 tumbled sharply with the Sensex plunging 813.35 points to close at 74,764.23 and the Nifty dropping 203.60 points to finish at 23,431.50.
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