The Indian rupee extends downside in opening trades on Tuesday as oil prices renew surge, holding around a one-week high amid heightened uncertainty over a potential deal between the US and Iran to end the war and reopen the Strait of Hormuz. Dollar meanwhile, stays steady amid reduced bets of a near term rate hike although upcoming US inflation figures will be closely watched. INR opened at Rs 95.38 per dollar and hit a low of 95.40 so far during the day. Yesterday, the counter settled at 95.30. Local shares ended a lackluster session little changed on Monday as uncertainty over the reopening of the Strait of Hormuz overshadowed growing expectations that the U.S. Federal Reserve will not raise interest rates next month. The NSE Nifty 50 rose marginally by 13.15 points (0.05%) to close at 24,583.80 while the BSE Sensex gained 43.27 points (0.06%) to finish the trading day at 78,542.44. Lack of any breakthrough in talks in West Asia put further pressure on the local unit, while FII …
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