Mumbai/IBNS: The Indian currency came under fresh pressure on Monday as the rupee plunged 49 paise to 93.32 against the US dollar amid global turmoil, media reports said.
The decline comes on the back of surging oil prices and a strengthening US dollar, triggered by escalating tensions in West Asia.
Market crashes too
The Indian stock market also witnessed a sharp sell-off, with rising crude prices and fading hopes of a US-Iran ceasefire denting investor sentiment.
The BSE Sensex fell over 2 percent, while the NSE Nifty 50 declined by a similar margin amid broad-based selling.
The Sensex plunged more than 1,500 points in early trade, while the Nifty dropped nearly 400 points as geopolitical tensions spooked investors.
All major sectoral indices traded in the red, led by losses in PSU banks, followed by banking, financials, and oil & gas stocks.
Defensive sectors such as pharma and healthcare saw relatively milder selling, though overall sentiment remained weak.
US Army to blockade Iranian ports
Fresh tensions emerged after the United States Army announced it would begin a blockade of Iranian ports from Monday.
However, it clarified that transit through the Strait of Hormuz would not be disrupted, according to a BBC News report.
What did Donald Trump say?
US President Donald Trump further escalated rhetoric, stating he “does not care” whether Iran returns to the negotiating table.
Trump claimed the ceasefire talks collapsed because Iran refused to give up its “nuclear ambitions.”
Iran, however, accused the US of “maximalist demands” and “shifting goalposts,” saying negotiations were close to a breakthrough before they fell apart.
