The Indian rupee depreciated 28 paise to close at 96.03 (provisional) against the US dollar on Monday, on risk-off sentiments in global markets after the US rejected a deal proposal by Iran, diminishing hopes of reopening of the Strait of Hormuz. Global risk sentiments deteriorated as the stalemate between the US and Iran continued; falling risk assets and a surge in crude oil prices may continue to pressurise the rupee. Indian shares slumped on Monday as rising oil prices added to inflation and interest-rate concerns. Brent crude futures jumped over 3 percent toward $108 a barrel amid a lack of clarity related to U.S.-Iran peace negotiations. At the interbank foreign exchange market, the rupee opened on a negative note at 95.89 against the American currency. During the day, the local unit slipped further to close at 96.03 (provisional), a 28 paise fall from its previous close.
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