Indian rupee weakens sharply as geopolitical tensions spike. The rupee depreciated 21 paise to 91.29 against the US dollar on Monday, driven by multiple headwinds including surging crude oil prices, a strengthening dollar, and escalating West Asia tensions. Brent crude jumped 3.91 percent to 76.78 per barrel following US and Israeli military strikes against Iran, raising concerns about India's import costs. The country depends on imports for 85 percent of its fuel requirements, making it vulnerable to oil price volatility. Domestic markets reflected the uncertainty, with Sensex falling 0.85 percent and Nifty declining 0.96 percent in early trade. Foreign institutional investors continued their exit, offloading equities worth Rs 7,536 crore on Friday. The dollar index strengthened 0.22 percent to 97.78, adding further pressure on the rupee. India's forex reserves declined by $2.
