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On Monday, oil prices surged, driven by escalating tensions in the Middle East following Iran's recent peace proposal. U.S. President Trump's dismissal of the proposal has contributed to market volatility. Both Brent crude and U.S. West Texas Intermediate saw price increases, although worries over diesel exports continue to shape market sentiment.
Beginning the week on a down note, the rupee slipped to 95.95 against the US dollar amidst various economic hurdles. Factors contributing to this decline include a strengthening dollar, extensive foreign fund withdrawals, and escalating crude oil prices, with Brent crude futures notably rising. This surge has sparked concerns about India's overall import costs.