Rupee slips 39 paise against US dollar as oil prices soar again

Rupee began the week on a negative note, falling 39 paise against the US dollar as soaring crude oil prices and escalating tensions in the Middle East dampened sentiment. The domestic currency opened at 95.72 against the greenback in the interbank foreign exchange market on Monday. The currency further weakened to 95.77, compared with Friday's closing level of 95.38. This comes after the currency had ended the previous week 9 paise higher.Currency dealers attributed the fall to a spike in oil prices after Iran declared the Strait of Hormuz closed, fuelling concerns over a potential disruption to global crude supplies."With Brent oil prices rising over $79 to the barrel the Indian rupee is expected to open weaker at 95.53 levels after Iran declared the Strait of Hormuz as closed," forex traders said."The renewed fighting between the US and Iran revived fears of a major disruption to global Crude supplies," said…