Global markets fell despite a 30-day Iran ceasefire extension, as investors remained wary of unresolved geopolitical tensions, oil price volatility, and supply chain risks impacting economic stability.
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The rupee slid past the 95-per-dollar mark for the first time, hitting a record low as oil prices surged and pressure intensified across Indian markets.
Oil prices rose above $116 a barrel after Iran accused the US of preparing for possible ground action, adding fresh stress to global energy markets.
The Iran conflict is expected to weigh more on India’s economic growth than inflation, according to policymakers and analysts. The Reserve Bank of India may keep interest rates low to support the economy amid rising oil prices and market volatility.
Italy is preparing economic safeguards as tensions involving Iran raise concerns about energy prices and global markets. Foreign Minister Antonio Tajani said the government is ready to act to protect households and businesses from potential economic fallout.