The Indian rupee depreciated against the US dollar in early trade on Wednesday as crude oil prices climbed on renewed geopolitical tensions, and demand for the US dollar increased as investors moved toward safe-haven assets. INR opened at Rs 96.36 per dollar and fell to a low of 96.44 so far during the day. Concerns over the security of oil shipments through the Red Sea and Strait of Hormuz continue to support crude oil prices. Local shares opened lower on Wednesday, with uncertainty around U.S. trade policy and rising crude oil prices amid persistent tensions in the Middle East weighing on sentiment. The benchmark 30-share Sensex was down 562 points, or 0.7 percent, at 76,908 in early trade, while the broader NSE Nifty index fell by 170 points, or 0.7 percent, to 24,017.
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First Published: Jul 22 2026 | 10:50 AM IST
