On Monday, the Indian rupee fell to a record low of 95.31 per dollar, influenced by a surge in oil prices that crossed $100 a barrel. This spike was triggered by geopolitical tensions after former U.S. President Donald Trump rejected a peace plan from Iran, causing panic in the markets. The Nifty 50 index dropped 1.5%, closing at 23,815.85, while the Sensex fell 1.7% to 76,015.28. Analysts noted that PM Narendra Modi's advice for austerity to conserve foreign exchange reserves amid rising oil prices has raised concerns about the economic impact of increased import costs. The Reserve Bank of India intervened in the currency market as the rupee fell, with state-run banks selling dollars to stabilize the situation. The India VIX, a measure of market volatility, jumped 10.2% to 18.6, indicating increased risk perception among traders. Analysts predict that the market may remain range-bound with a bearish bias in the near term, and investors should temper their return expectations.