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Oil prices surge past 100 as rupee hits record low and stocks slide
Economy
Published on 12 May 2026
Trump rejects Iran plan as Modi pushes austerity
The rupee closed at a new record low as equities slid following a sharp jump in oil prices beyond $100 a barrel. The shock traces to Donald Trump rejecting Iran’s peace plan, while Prime Minister Narendra Modi urged austerity to protect foreign exchange reserves and reduce fuel consumption amid rising risks from the ongoing Gulf conflict.
- Rupee closes at record low as oil tops $100
- Equities slump on the back of higher import costs
- Geopolitics drives the move with Trump rejecting Iran’s plan
- India weighs austerity to conserve foreign exchange reserves
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times