Oil shock rattles D-Street as rupee hits record low

May 12, 2026

The rupee hit a new closing low and equities slumped as oil prices surged past $100 a barrel. This was driven by Donald Trump’s rejection of Iran’s peace plan and PM Modi’s call for austerity to conserve foreign exchange reserves and curb fuel consumption amid ongoing Gulf war concerns.

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Vedanta Iron and Steel, Vedanta Aluminium, 2 other stocks drop up to 5%. What’s spooking investors?

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