Currency Buzz: INR slides as oil prices hit near three-week high

The Indian Rupee slipped today, tracking firm trends in crude oil and volatile equities. INR lost 41 paise to 95.79 against the US dollar on Monday, testing around four-week low. Brent Crude oil prices zoomed above $79 a barrel today, approaching near three-week high after Iran declared that the Strait of Hormuz is closed. The domestic equity benchmarks were under stress. The escalating conflict amplified geopolitical uncertainties and has stoked concerns of rising inflationary pressures. Nifty continued to trade below the 24,150 mark.

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