The Indian rupee depreciated 38 paise to close at 95.92 (provisional) against the US dollar on Tuesday, weighed down by escalating Middle East conflict and soaring Brent crude oil prices, which hit USD 108 per barrel. Surging dollar demand from oil importers has sparked fresh concerns over inflation and India’s external trade balance. Moreover, weak domestic markets, a strong US dollar and worries over rising global treasury yields further dented investor sentiment. Indian shares fell sharply on Tuesday as trading resumed after a long holiday weekend. After a strong opening, benchmark indexes Sensex and Nifty reverse course to end deep in the red on concerns over rising oil and U.S. bond yields amid escalating Middle East tensions. Brent crude prices rose over 2 percent to trade above $108 a barrel amid fears of a tightening oil market after Saudi Arabia closed a critical pipeline that bypasses the Strait of Hormuz following a drone attack. The BSE Sensex closed at 74,003.82, down by
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