The Indian rupee fell to a one-week low in opening trades on Wednesday owing to rising oil prices amid ongoing tensions between US and Iran. Rising oil prices intensified inflation concerns and also strengthened expectations for a Federal Reserve rate hike. INR opened at Rs 94.80 per dollar and hit a low of 94.98 so far during the day. Local shares are also seen opening lower on Wednesday as investors fret over persistently high oil prices and escalating Middle East hostilities. Brent crude prices rose toward $100 a barrel as renewed tensions in the Gulf region raised concerns about further disruptions to global oil supplies. Iran has launched a barrage of missiles targeting U.S. military positions in Jordan and warned all tanker crews in Bahraini and Kuwaiti to “immediately abandon their vessels”, whether at anchor or at berth in ports, after the U.S. destroyed five Iranian tankers in the Gulf of Oman and near Kharg Island, a major crude export hub.
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