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The rupee plunged 82 paise towards the US greenback on Monday (Might 11, 2026) to settle at a file low of 95.31 (provisional) as oil costs soared following US President Donald Trump’s rejection of Iran’s response to the West Asia peace plan.
Prime Minister Narendra Modi’s urging of individuals to keep away from gold purchases and undertake austerity measures additional soured market sentiment.
Foreign exchange merchants mentioned a powerful U.S. greenback and sharp outflows of overseas capital additional pressured the native sector.
In interbank overseas alternate, the rupee opened at 94.97 rupees and traded inside a variety of 94.87-95.34 rupees. In the long run, the worth settled at an all-time low of 95.31 (provisional), down 82 paise from the earlier closing worth.
On Friday (Might 8, 2026), the rupee closed at 94.49 towards the US greenback.
In the meantime, Iranian state media mentioned on Sunday that Iran had despatched a response to the newest US ceasefire proposal by way of Pakistani mediators, saying it wished negotiations targeted on a everlasting finish to the warfare.
Trump rejected Iran’s supply to finish the months-long warfare as “completely unacceptable,” with out offering particulars, whilst key Republican leaders urged him to think about “navy choices.”
Modi on Sunday (Might 10, 2026) appealed to folks to make use of gasoline properly, postpone gold purchases and journey overseas as conflicts proceed in West Asia.
“Prime Minister Modi has requested for a slowdown in purchases of petrol, gold, worldwide journey, and so forth. to preserve overseas alternate to curb the fiscal deficit. What these measures will imply within the brief time period is a slowdown in progress,” mentioned Anil Kumar Bhansali, head of finance and govt director, Finlex Treasury Advisors LLP.
“Though President Trump didn’t agree with Iran’s response on the peace proposal, oil costs maintained a great bid with the oil worth above the $105 degree and the greenback index above the $98 degree….The rupee is predicted to stay between $94.75 and $95.50 on Tuesday,” he mentioned.
In the meantime, the greenback index, which measures the greenback’s power towards a basket of six currencies, rose 0.13% to commerce at 98.02.
Brent crude, the world oil benchmark, rose 2.52% to $103.8 per barrel in futures buying and selling.
Within the home inventory market, the Sensex fell 1,312.91 factors (1.70%) to 76,015.28 and the Nifty fell 360.30 factors (1.49%) to 23,815.85.
Overseas institutional traders offered shares value Rs 4,110.6 million on Friday (Might 8, 2026), in accordance with alternate knowledge.
India’s overseas alternate reserves fell by $7.794 billion to $690.693 billion within the week ended Might 1, the RBI mentioned on Friday (Might 8, 2026). Within the earlier reporting week ending April 24, total overseas alternate reserves decreased by $4.82 billion to $698.487 billion.
