Mumbai: In a record fall, Indian Rupee plunged nearly 0.9% to close at a record low of 95.31 against the US dollar on Monday as peace talks failed between US and Iran. The currency slide came hours after US President Donald Trump rejected Iran’s response to a proposed peace deal, fueling fears over prolonged disruptions in global energy supplies through the Strait of Hormuz. The slide accelerated after PM Modi urged citizens to conserve foreign exchange by cutting fuel consumption, avoiding non essential imports and postponing foreign trips apart from buying gold.
The rupee weakened to an all-time low of 95.17 against the dollar during intraday trade before recovering slightly to trade around 95.01 by midday. The currency was down about 0.6 per cent on the day.
The benchmark BSE Sensex fell 1.39 per cent, while the Nifty 50 dropped 1.26 per cent as investors shifted towards safe-haven assets such as the US dollar.
Meanwhile, the gold prices fell Rs 600 to Rs 1.55 lakh per 10 grams in the national capital on Monday. As per reports, gold of 99.9 per cent purity decreased by Rs 600 to Rs 1,55,300 per 10 grams (inclusive of all taxes) from Friday’s closing level of Rs 1,55,900 per 10 grams.
Silver prices rose 1.21 per cent to Rs 2.56 lakh per kg in the futures trade on Monday, amid uncertainty over West Asia peace deal.
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