The Indian rupee depreciated 20 paise to 95.95 against the US dollar in early trade on Monday, as the greenback strengthened further and foreign fund outflows continued unabated amid the ongoing West Asia conflict. Elevated global crude oil prices put further pressure on the local unit. Stalled negotiations between the United States (US) and Iran keep oil prices elevated, reinforcing expectations that the Federal Reserve (Fed) will implement further monetary tightening to curb persistent inflation. Market sentiment remains heavily tied to the region following US President Donald Trumps rejection of Irans latest proposal to reopen the Strait of Hormuz, where he stated Tehran had overplayed its hand, though he noted discussions are expected to resume this week. At the interbank foreign exchange market, the rupee opened at 95.89 against the American currency and lost further ground to touch 95.95 against the American currency, registering a loss of 20 paise from its previous closing …
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