The Indian rupee extends downside in opening trades on Friday, weighed down by surging crude oil prices, foreign fund outflows and escalating Middle East tensions. INR opened at Rs 95.70 per dollar and hit a low of 95.80 so far during the day. The counter is struggling at a one and half month low driven by elevated crude oil prices and foreign portfolio outflows. Indias BSE Sensex also slipped about 1.0%, or 710 points, to 74,188 this morning. Brent crude climbed nearly 12% this week, as intensifying Middle East tensions disrupted shipping through the Strait of Hormuz and Red Sea, raising concerns over Indias external balance, growth and inflation. The rupee remained under pressure after weakening to 95.44 per dollar, while rising US Treasury yields after stronger-than-expected producer price data lifted expectations of a Federal Reserve rate hike next week added to the risk-off mood.
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