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Rupee Plunges 28 Paise to 96.03 Against US Dollar Amidst Global Risk-Off Sentiments
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News18•28-09-2026, 16:00
Rupee Plunges 28 Paise to 96.03 Against US Dollar Amidst Global Risk-Off Sentiments
- •The Indian rupee depreciated by 28 paise, closing at 96.03 against the US dollar on Monday.
- •The decline was driven by risk-off sentiments in global markets after the US rejected Iran's deal proposal, impacting hopes for the Strait of Hormuz reopening.
- •Forex traders anticipate continued pressure on the rupee due to the US-Iran stalemate, falling risk assets, and surging crude oil prices.
- •Brent crude futures rose by 3.57% to USD 108.04 per barrel, while the dollar index strengthened by 0.16% to 101.12.
- •Indian equity markets saw significant declines, with Sensex falling 1,124.02 points and Nifty down 360.25 points; FIIs offloaded equities worth Rs 3,693.93 crore.
Key Questions Answered
The rupee depreciated due to risk-off sentiments in global markets after the US rejected a deal proposal by Iran, diminishing hopes of reopening the Strait of Hormuz.
The Sensex tumbled 1,124.02 points to settle at 72,771.72, and the Nifty dropped 360.25 points. Additionally, Foreign Institutional Investors offloaded equities worth Rs 3,693.93 crore on a net basis on Friday.
India's forex reserves dropped by USD 14.881 billion to settle at USD 765.901 billion during the week ended September 18, driven by a fall in foreign currency assets.
