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Forex News: Indian Rupee Slides To 4-month Low Versus U.S.

Indian Rupee Slides To 4-month Low Versus U.S. Dollar

01/06/2020 - 02:33:00 (RTTNews)

(RTTNews) - The Indian rupee drifted lower against the U.S. dollar in the morning session on Monday, as regional shares fell in the wake of brewing tensions in the Middle East.

The benchmark S&P BSE Sensex tumbled 710 points, or 1.71 percent, to 40,755, while the broader NSE Nifty index was down 213 points, or 1.74 percent, at 12,013.

Investors remain concerned that any kind of violent retaliation from Iran will disrupt the energy supplies and could lead to a spike in oil import-dependent countries like India.

The Indian rupee slipped to 72.17 against the greenback, its weakest since September 4. The rupee is likely to face downside target around the 74.00 level.

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