New Delhi, March 31 -- Silver rate in India has corrected sharply by almost 50% from its record high amid a stronger dollar and fading expectations of US Federal Reserve rate cuts, as inflation risks rise due to soaring crude oil prices driven by the US-Iran conflict.

MCX silver May futures are now down 48% down from their record high of Rs.4,39,337 per kg. On March 30, they closed at Rs.2,29,033 per kg.

The dollar index, which is at 100, gained nearly 3% in March, extending gains to its second consecutive month. The dollar's rise due to an increase in its demand amid elevated crude oil prices is one of the biggest reasons behind the correction in gold and silver prices.

Moreover, the US-Iran war and the resulting rise in energy prices...