INR stays under pressure amid dollar strength, higher oil prices
The Indian rupee declined 21 paise to settle at 85.60 (provisional) against the US dollar on Tuesday, weighed down by a firm American currency and outflow of foreign funds. Traders would likely observe the release of the JOLTS Job Openings later on Tuesday. The local unit remained under pressure tracking negative domestic equity markets amid geopolitical uncertainties. Indian shares fell sharply on Tuesday, extending losses for a third straight session due to heightened geopolitical and trade tensions. Rising oil prices remained a concern after a second round of direct peace talks between Russia and Ukraine have ended without a major breakthrough and reports suggested that Iran is set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. The benchmark 30-share BSE Sensex fell 636.24 points, or 0.78 percent, to 80,737.51 while the broader NSE Nifty index closed at 24,542.50, down 174.10 points, or 0.70 percent, from its previous close. Investors are also awaiting cues from the Reserve Bank's monetary policy announcements. RBI's Monetary Policy Committee (MPC) will begin deliberations on its bi-monthly policy on Wednesday and the outcome is scheduled to be announced on June 6.
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