Rupee slips to 95.77 after Iran closes Strait of Hormuz
Business
The rupee kicked off the week on a rough note, slipping to 95.77 against the US dollar after Iran closed the Strait of Hormuz, an important route for global oil shipments.
This move sent Brent crude prices up by over 4% and put extra pressure on the rupee, while the US dollar also got a bit stronger.
Sensex, Nifty drop despite foreign buying
India's stock markets took a hit too, with Sensex down 616.15 points and Nifty falling by 190.50 points.
Even so, foreign investors kept buying Indian shares worth ₹2,603.72 crore on Friday (July 3, 2026).
On a brighter note, India's foreign exchange reserves jumped by $7.26 billion in the week ended July 3, a reassuring buffer as global tensions and oil prices rise.