INR slides on renewed geopolitical tensions in West Asia

The Indian rupee depreciated 47 paise to close at 95.73 (provisional) against the US dollar on Tuesday, on renewed geopolitical tensions in West Asia and a rise in crude oil prices. Brent crude futures for August delivery jumped more than 3 percent above $96 a barrel after the U.S. conducted 'self-defense strikes' on Iranian missile launch sites and boats near the Strait of Hormuz, clouding the outlook for an interim deal between Washinton and Tehran. At the interbank foreign exchange market, the rupee opened at 95.43 against the US dollar, and touched an intra-day high of 95.33 and a low of 95.76 against the American currency. Indian shares fell notably on Tuesday after American forces hit missile launch sites in Iran and boats trying to place mines, denting hopes of an imminent peace deal.