Page 11 - Latest Updates on West Asia Conflict

Govt mulling emergency measures to protect foreign-exchange reserves

Officials in the Prime Minister's Office and Finance Ministry have held discussions with the Reserve Bank of India on several measures that could be taken to limit the damage from soaring oil prices

Rupee falls to record low of 95.63 against US dollar in early trade

The rupee depreciated 35 paise to a record low of 95.63 against the US dollar in early trade on Tuesday, after US President Donald Trump said that the ceasefire with Iran was on life support with hopes for a deal with the country fading, triggering a surge in crude oil prices. Market sentiments remained dominated by fears that the 10-week-old conflict could further tighten global supply, particularly after Trump rejected Tehran's latest response to a US-backed peace proposal, calling it totally unacceptable. At the interbank foreign exchange market, the rupee opened at 95.57 against the US dollar and then fell further to an all-time low of 95.63 against the greenback, down 35 paise from its previous close. On Monday, the rupee tanked 79 paise to settle at its record low of 95.28 against the US dollar. "Oil prices were largely steady in Asian trade on Tuesday after climbing nearly 3 per cent in the previous session, as US President Trump said that the ceasefire with Iran was on life

Nations brace for long-term economic woes as Trump rejects Iran's proposal

President Trump said the fragile cease-fire was on 'life support,' and India's leader urged residents to cut back on purchases and travel

US left negotiating table, destroyed nuclear talks twice: Iranian official

Iranian Foreign Ministry spokesperson said that they are under a nominal ceasefire, as, under international law, the blockade itself is considered an act of war

'Economic Fury': US sanctions 12 entities over sale of Iranian oil to China

US Treasury Department accused the IRGC of using the revenue to direct it towards weapons development, backing terrorist proxies and funding security forces

Pakistan parked Iranian military planes on its airbases to avoid US strikes

Pakistan, which is playing mediator to end the US-Iran war, allowed Iranian military aircraft to park on its airfields to shield them from American airstrikes, CBS News reported here quoting US officials. The report also claimed that Iran had also parked its civilian aircraft in neighbouring Afghanistan to protect it from US airstrikes. Reacting to the report, Republican Senator Lindsey Graham called for a complete re-evaluation of Pakistan's role as a mediator to end the US-Iran war that broke out on February 28 and has been put on pause since April 8. "If this reporting is accurate, it would require a complete reevaluation of the role Pakistan is playing as mediator between Iran, the United States and other parties," Graham, the Senator from South Carolina, said in a post on X. "Given some of the prior statements by Pakistani defense officials towards Israel, I would not be shocked if this were true," Graham said. The CBS report, quoting unnamed US officials, said that Iran has

Iran prepared for every scenario with surprises, seeks end to war: Official

When it comes to our military might and military capacities, I'm not going to go into details, but I can assure everyone that Iran has many surprises, Esmaeil Baghaei said

Ceasefire on life support: Trump calls Iran's proposal 'piece of garbage'

Reiterating his claims that Iran has been defeated militarily, Trump said that whatever little Iran had built up in the period of ceasefire, the US would 'knock that out in about a day'

US, Israel must be held accountable for conflict they started: Iran

With the West Asia conflict disrupting global supply chains, a top Iranian official has said that Tehran is "not happy" about India and other countries facing its consequences and asserted that this was "caused" by the US and Israel. In an interview to India Today, Iranian foreign ministry spokesperson Esmail Baghaei also said the US and Israel have to be "held accountable" by the international community for "what they started and are still continuing". Asked if he saw any end to this conflict as countries like India are suffering because of its impact and choking of the Strait of Hormuz, Baghaei said, "You have to see what happened on February 28. Before that, the Strait of Hormuz was open and free to every country." "Iran was forced to take certain measures under international law, and I have to stress this: what Iran did is allowed under international law because we had to face aggressors, the United States and Israel, who were abusing the soil of other Persian Gulf states to ...

Netanyahu says Israel wants to phase out US military assistance: Report

The US currently provides Israel with $3.8 billion a year in military assistance under a 10-year agreement originally negotiated by the Obama administration that lasts through 2028

What PM Modi's WFH appeal means for India Inc's return-to-office push

As India faces rising geopolitical and oil market uncertainty, could PM Modi's work-from-home message force India Inc to rethink its return-to-office push?

PM Modi's WFH nudge: Can fewer office trips help cut India's fuel bill?

Work-from-home can reduce commute-linked fuel use in major cities, but experts say the overall energy impact depends on office and household power use

PM Modi's savings appeal signals fiscal stress at tipping point: Nomura

Nomura says PM Modi's appeal to conserve fuel, avoid gold purchases and cut overseas spending signals rising pressure on India's fiscal and current account deficits amid West Asia war

Iran describes its proposal to end war with US as legitimate, generous

Iran Foreign Ministry Spokesperson Esmaeil Baghaei accused US of 'upholding unreasonable and one-sided demands'

'Proofs of failure': Rahul Gandhi slams PM Modi over seven appeals

Leader of Opposition in Lok Sabha Rahul Gandhi further accused PM Modi of shifting the responsibility to the public so that the government could itself escape from accountability

Rajnath Singh chairs Informal Group Meeting on evolving West Asia situation

The meeting was held to review the evolving situation in the region and discuss related matters

Oil rises $4 as US and Iran disagree on peace proposal; Brent at $105

US West Texas Intermediate was at $99.85 a barrel, up $4.43, or 4.64 per cent

Asia braces for second wave of energy shocks as US-Iran peace talks falter

Asia's first defences against energy shocks from the Iran war are running short and a more consequential second wave of impacts is beginning to hit. When the war started, governments scrambled to adapt to the closure of the Strait of Hormuz, a critical artery for energy flowing to Asia. They made difficult trade-offs: saving power at the risk of slowing businesses, prioritising gas for households at the risk of fertiliser production and dipping into energy stockpiles for temporary relief. But these measures were based on the war lasting only a short time, allowing a quick resumption of energy flows. That has not happened. With no clear end in sight, the fuel crisis is now rippling across economies. Airfare costs, shipping rates and utility bills are climbing, jeopardizing economic growth. About 8.8 million people are in danger of being pushed into poverty and the conflict may cause USD 299 billion in economic losses to the Asia-Pacific region, according to the United Nations ...

India's growth to slow to 6.7% on waning momentum, oil price shock: BMI

India's economic growth is likely to decelerate to 6.7 per cent in the current fiscal, from 7.7 per cent in 2025-26, with the GDP expansion expected to slow significantly due to waning momentum and oil price shock from Iran war, BMI said on Monday. BMI, a Fitch Group firm, also said that the prospect of the Iran-US conflict escalating in scope presents downside risk to its growth outlook and India must balance spending needs on defence and fuel price stabilisation against fiscal consolidation agenda. The tax reforms in GST and income tax carried out in 2025 will partly offset effects of cost-push inflation, BMI said, adding looser monetary policy will support capital spending, as increased uncertainty amid the war and higher input prices hurt investment. BMI estimates that India's economy grew 8 per cent y-o-y in the January-March quarter of 2026, faster than its original 7.8 per cent projection. It has revised its growth forecast for 2025-26 upwards by 0.1 percentage points to 7.7

Rupee crashes 139 paise to 94.90 against US dollar in early trade

The rupee crashed 139 paise to 94.90 against the greenback in early trade on Monday after President Donald Trump rejected Iran's response to the US's peace proposal, following which crude oil prices surged rapidly. A strengthening US dollar and steep FPI outflows further pressured the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 94.97 against the US dollar before inching up to 94.90, down a staggering 139 paise from its previous close. On Friday, the rupee pared its losses and ended with a sharp gain of 71 paise at 93.51 against the greenback. Iran has sent its response to the latest US ceasefire proposal via Pakistani mediators and wants negotiations to focus on permanently ending the war, Iran's state-run media said on Sunday. Trump rejected Iran's proposal to end the months-long war as "totally unacceptable" without sharing details even as a key Republican leader urged him to consider the "military option". "After US President