Mumbai, April 20: The rupee pared its initial gains and settled with a loss of 25 paise at 93.16 against the US dollar on Monday, after fresh tension in West Asia led to an increased demand for the American currency and kept crude prices steady.
Forex traders said the local currency remained under pressure due to a fresh standoff between the US and Iran that led to a closure of the Strait of Hormuz, disrupting global supply. At the interbank foreign exchange market, the rupee opened at 92.73 and touched an intra-day high of 92.70 against the greenback. It also hit the day’s low of 93.24 during the session before settling at 93.16 against the dollar, registering a loss of 25 paise from the previous closing level. (PTI)
