Sensex crashes 1,800 points as Israel-Iran war rages on, Rupee plunges to record low
PTC News Desk: Sentiment on Dalal Street turned negative on Monday as rising tensions in West Asia and a sharp jump in oil prices sparked widespread selling.
The S&P BSE Sensex tumbled 1,822.25 points to 72,710.71, while the NSE Nifty50 declined 533.30 points to 22,581.20 by 10:30 am, indicating losses across most sectors.
Now in its fourth week, the conflict has escalated further with fresh concerns surrounding the Strait of Hormuz—a key oil shipping route—fueling fears of supply disruptions and a prolonged energy crisis. Crude oil prices have climbed past $110 per barrel, significantly increasing costs for import-dependent nations like India. This poses risks of higher inflation, a widening current account deficit, and slower economic growth.
Meanwhile, the rupee weakened to a record low of Rs 93.89 against the US dollar on Monday, pressured by soaring crude prices and escalating geopolitical tensions in West Asia. After slipping below Rs 93 last week, the currency is now approaching the Rs 94 mark. Since India purchases oil in dollars, higher crude prices mean greater demand for the US currency, which in turn adds downward pressure on the rupee.
- With inputs from agencies
