Mumbai, July 16: The Indian Rupee declined by 6 paise to reach 96.31 against the US dollar in early trade today amid volatility in global crude oil prices and a stronger greenback with the West Asia crisis showing no signs of abating.
FII outflows continued to weigh on Rupee while a positive start to the day at the domestic equity markets provided support, according to forex traders.
At the interbank foreign exchange, the rupee opened at 96.28 against the USD before slipping further to 96.31 from its previous close.
Foreign Institutional Investors on Wednesday offloaded equities worth Rs 735.83 crore in the domestic equity market, according to exchange data.
The Rupee had yesterday extended its slide for the third straight day and settled 9 paise lower at 96.25 against the US dollar.
The slide came as Brent crude oil prices hovered around USD 85 per barrel and the war in West Asia raged.
The United States intensified its strikes targeting Iran early on Thursday, hitting targets further north as American forces also fired into a ship it accused of trying to break its naval blockade on the Islamic Republic.
Iran retaliated with missile and drone fire targeting Bahrain and Kuwait before dawn.
Days of back-and-forth strikes by the US and Iran across West Asia — and renewed threats to the Strait of Hormuz — have destroyed the interim deal to end the Iran war and could tip the region back into all-out war.
Jordan’s military said in the morning that it shot down eight missiles launched by Iran targeting the kingdom.
