The Indian rupee extends decline in opening trades on Monday as dollar gained appetite amid ongoing geo-political tensions. Moreover, oil prices up almost 1 percent after last week's 13 percent surge is also adding pressure on the counter. The domestic currency opened at Rs 86.16 per dollar and hit a low of 86.24 so far during the day. INR settles lower by 55 paise to 86.07 on Friday. Domestic equities could however support the counter as Asian stocks eked out modest gains this morning as a slew of data from China sent mixed signals about the economy. Indian shares fell sharply on Friday, tracking weak cues from global markets after Israel launched strikes against Iran, targeting nuclear facilities and ballistic missile factories as part of efforts to damage Iran's nuclear infrastructure, its ballistic missile factories and military capabilities. Markets also remained cautious on the U.S.-China trade deal. The benchmark S&P BSE Sensex hit an intra-day low of 80,354.59 before recovering some ground to end the session down 573.28 points, or 0.70 percent, at 81,118.60 at weekend. The broader NSE Nifty index closed down 169.60 points, or 0.68 percent, at 24,718.60, after having hit a low of 24,473 earlier. On the NSE, USDINR futures were staying close to 86 mark.

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