The Indian rupee extended its early slide against the U.S. dollar in later deals on Thursday, in reaction to rise in oil prices amid tensions in the Middle East.

Saudi Arabia-led coalition of Arab nations has began airstrikes in Yemen to push back Houthi rebels. The military conflict has raised fears about possible supply disruption from the region, driving oil prices higher.

Regional stocks also fell, with benchmark BSE Sensex ending lower by 654 points or 2.33 percent at 27,458, while the broader Nifty index closed at 8,342, down 189 points or 2.21 percent.

The rupee slipped to an 8-day low of 62.77 per greenback, compared to Wednesday’s closing value of 62.378. The rupee may find support around the 63.00 zone.

The material has been provided by InstaForex Company –