The Indian rupee reversed early gains and ended 19 paise lower at 93.10 (provisional) against the US dollar on Monday, as renewed tensions in West Asia boosted demand for the greenback and kept crude oil prices firm.
According to forex traders, the currency came under pressure amid escalating tensions between the US and Iran, including the closure of the Strait of Hormuz, which disrupted global supply dynamics.
At the interbank forex market, the rupee opened at 92.73 and strengthened to an intraday high of 92.70 before weakening to a low of 93.24. It eventually settled at 93.10, marking a decline of 19 paise from its previous close.