Rupee Under Siege: Iran Conflict and US-Israel Strikes Fuel Oil Surge, Inflation Fears Grip India
March 2, 2026 | New Delhi – The Indian rupee plunged sharply on Monday. The drop occurred amid escalating geopolitical tensions in the Middle East. Crude oil prices skyrocketed following reported joint US-Israel military operations against Iran. The currency weakened 21 paise to settle at 91.29 against the US dollar in the interbank forex market, marking its steepest single-day drop in over a month. Oil Shock Hits Hard Global benchmark Brent crude futures jumped nearly 4%, climbing to $76.78 per barrel, driven by fears of supply disruptions from the volatile region. India relies on imports for about 85% of its…