New Delhi: The Indian Rupee crashed by 20 paise to 95.43 against the US Dollar on Tuesday amidst escalating tensions between US and Iran. The decline will majorly affect the crude oil trade that is already stalled due to the blockade by Iran.
At the interbank foreign exchange market, the rupee opened at 95.30 and weakened further to 95.43 against the greenback in initial trade, marking a decline of 20 paise from its previous close.
Meanwhile, the dollar index, which measures the greenback’s strength against a basket of six currencies, was trading higher at 98.51, up 0.15%.
As per Forex traders, the increasing geopolitical tensions have triggered investor anxiety, prompting a shift towards safe-haven assets. The US dollar emerged as the primary beneficiary amid the uncertainty.
Meanwhile, gold rose slightly but remained below RS 1,49,500 mark while MCX silver plummeted sharply by Rs 3400 staggering at Rs 2.36 lakh per kg. The drop comes after the yellow gold price dropped by 2% in the previous session.
Brent Crude is down by 1.5% to trade around $113 per barrel and US WTI Crude Oil dropped by 2.5% to trade below $104 per barrel.
The National Stock Exchange of India has announced the introduction of Electronic Gold Receipts, a new trading segment designed to enhance transparency, efficiency and formalization within India’s gold market, according to an official statement.
The exchange said the initiative, which came into effect on May 4, 2026, is expected to connect the physical gold market with the financial system by providing a regulated and secure platform for trading gold-linked instruments.
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