Equity

The Indian rupee weakened in opening trades on Monday due to a surge in crude oil prices and strong demand for the American currency amid the worsening West Asia crisis. Foreign capital outflows from domestic equity markets also weighed on the Indian currency. Local shares traded notably lower on Monday as U.S. forces struck Iran for a ninth consecutive day, and Iran retaliated by firing missiles toward Jordan that risked widening the conflict into neighboring Israel. Brent crude prices climbed above $90 a barrel for the first time since mid-June, fanning inflation fears and clouding the outlook for interest rates. The benchmark BSE Sensex was down 640 points, or 0.8 percent, at 77,512 in early trade while the broader NSE Nifty index fell 170 points, or 0.7 percent, to 24,163. At the interbank foreign exchange, the rupee opened lower at 96.53 against the previous close of 96.30 to dollar and hit a low of 96.53 so far during the day.

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