{"id":577,"date":"2026-05-11T10:52:55","date_gmt":"2026-05-11T10:52:55","guid":{"rendered":"https:\/\/dailypakistannews.com\/?p=577"},"modified":"2026-05-11T10:52:55","modified_gmt":"2026-05-11T10:52:55","slug":"indian-rupee-drops-most-in-a-month-to-record-closing-as-oil-runs-hot-over-us-iran-stalemate","status":"publish","type":"post","link":"https:\/\/dailypakistannews.com\/?p=577","title":{"rendered":"Indian rupee drops most in a month to record closing as oil runs hot over US-Iran stalemate"},"content":{"rendered":"<p><strong>MUMBAI: The <a href=\"https:\/\/www.brecorder.com\/news\/40420532\">Indian rupee<\/a> endured its sharpest drop in more than a month on Monday to end at it weakest closing level on record as a run-up in crude prices battered the currency after U.S. President Donald Trump rejected Iran\u2019s response to a U.S. peace proposal.<\/strong><\/p>\n<p>The Indian rupee fell nearly 0.9% to 95.31 per dollar in its steepest single-day drop since March 27, tracking losses in regional peers.<\/p>\n<p>Brent crude rose 2.5% to $103.8 per barrel as shipping through the Strait of Hormuz, a key energy artery handling about a fifth of global oil and liquefied natural gas flows, remained paralysed.<\/p>\n<p>India\u2019s benchmark equity index fell 1.5% and government bonds slid, with the yield on the 10-year benchmark jumping 6 basis points.<\/p>\n<p>Over the weekend, Indian Prime Minister Narendra Modi urged a series of measures, including fuel conservation, fewer imports, as well as reduced travel, as a surge in energy prices takes a toll on the country\u2019s foreign exchange buffers.<\/p>\n<p>Higher oil prices are a major risk for net energy importer India and threaten to widen the country\u2019s current account deficit, slow growth and stoke inflation.<\/p>\n<p>\u201cStructurally weak external funding conditions mean even a small widening of the current account deficit will continue to put pressure on the INR and FX reserves,\u201d analysts at ANZ said in a note.<\/p>\n<p>India\u2019s foreign exchange reserves stood at $690.69 billion as of May 1, per central bank data.<\/p>\n<p>While the reserves are adequate on traditional metrics, such as the number of months of goods imports they can cover, they have come off their record high of $728 billion hit in February, before the war began.<\/p>\n<p>Elsewhere in global markets, the dollar index was little changed, hovering just shy of the 98 mark while equity futures pointed to a steady start for stocks on Wall Street.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI: The Indian rupee endured its sharpest drop in more than a month on Monday to end at it weakest closing level on record as a run-up in crude prices battered the currency after U.S. President Donald Trump rejected Iran\u2019s response to a U.S. peace proposal. The Indian rupee fell nearly 0.9% to 95.31 per [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan-news"],"_links":{"self":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/posts\/577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=577"}],"version-history":[{"count":0,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/posts\/577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=\/wp\/v2\/media\/578"}],"wp:attachment":[{"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailypakistannews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}