Mumbai/IBNS, May 11 -- The Indian rupee on Monday crashed 139 paise to 94.90 against the US dollar after US President Donald Trump rejected Iran's response to a proposed peace initiative, media reports said.

Stock market plunges amid global tensions

The Indian stock market also witnessed a massive selloff on Monday, triggering panic among investors.

Strait of Hormuz fears deepen crisis

Investor concerns intensified over reports of a possible closure of the Strait of Hormuz for 70 days, a move that could severely disrupt global crude oil supply chains and sharply increase fuel prices worldwide.

Global benchmark Brent Crude climbed 2.69 percent to $104.01 per barrel as geopolitical tensions escalated following the United States' reject...