The Indian rupee fell sharply on Thursday morning in Asia as oil prices surged back following tensions between the US and Iran at the United Nations General Assembly (UNGA) after Trump stated that Iran faces a choice of diplomacy or total destruction. Iranian President Masoud Pezeshkian too maintained a firm stance, saying Tehran would not allow freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. INR opened at Rs 95.84 per dollar and hit a low of 95.87 so far during the day. Indian shares are seen opening lower on Thursday after oil prices rose sharply overnight and U.S. bond yields jumped to their highest levels in nearly two decades, raising the possibility of another interest-rate hike from the Federal Reserve this year. The Nifty 50 opened at 23,221.80 and is currently trading around 23,225.95, down nearly 1%. Meanwhile, the BSE Sensex slid over 600 points from its previous close, currently trading near 74,187.70.
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