Rupee Near Record Low on Iran Conflict and High Oil, Equities Seen Opening Higher

The Indian rupee is likely to remain close to its record low on Monday, weighed down by fears that the escalating conflict involving Iran could keep crude oil prices elevated and maintain strong dollar demand from importers
In the NDF market, the Indian rupee is trading at 92.42–92.48, after closing at 92.4550 on Friday.

Meanwhile, on Saturday, Iran warned that it would target any facility in the region linked to the United States after Washington carried out strikes on what it described as Tehran’s main energy hub.

India’s benchmark equity indices are expected to open higher on Monday after last week’s sharp decline the steepest weekly fall in years  pushed the market into a technical correction. Sentiment improved slightly as expectations of easing energy supply concerns provided some relief to investors who had been unsettled by rising geopolitical tensions.

GIFT Nifty futures were trading at 23,257, indicating that the Nifty 50 is likely to open above Friday’s closing level of 23,151.10.