Rupee opens 0.16% lower after fresh US strikes on Iran; Sensex, Nifty fall in early trade

After a three-session rally, the Indian rupee opened 0.16% lower at 95.38 against the US dollar on Tuesday after fresh US strikes on Iran dashed hopes of a peace deal any soon.

The rupee registered a three-day winning streak and closed at 95.23 on Monday as optimism over an end to the Middle East conflict helped strengthen the currency after it reached a record ​low of 96.96 last week.

Share markets too were trading lower in early trade as investors turned cautious after the renewed hostilities.

The Nifty 50 ‌dropped 0.11% to 24,004.1 while the BSE Sensex plummeted 0.35% to 76,224.14, after hitting a two-week high on Monday.

Brent futures shot up 2% ​to about $98 per barrel after the US forces targeted boats that were allegedly trying ⁠to lay ​mines and missile-launch sites in southern Iran, even as talks continue between Washington and Tehran to strike a peace deal.