INR seen lingering near a three-week low amid weak global cues

The Indian rupee is seen extending slide near a three-week low in opening trades on Wednesday, as global sentiments stay bleak amid ongoing geopolitical tensions and lack of clarity surrounding the crucial strait of Hormuz. INR opened at Rs 95.72 per dollar and hit a low of 95.74 so far during the day. Muted opening in local equities tracking weak cues from global markets on growing concerns that surging oil prices could keep inflationary pressures persistent and leave interest rates higher for longer are also keeping rupee subdued. Sentiment weakened after the US-Iran ceasefire expired without a new agreement, sending Brent crude above $91 per barrel and fueling concerns over higher inflation and increased import costs for India, one of the world's largest crude importers.

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