India, May 12 -- The rupee tanked 82 paise to settle at its record low of 95.31 (provisional) against the US dollar on Monday after US President Trump rejected Iran's response to the West Asia peace proposal, following which crude oil prices surged rapidly. PM Narendra Modi, urging citizens to avoid buying gold and embrace austerity measures, further dented market sentiments.

A strengthening US dollar and steep foreign capital outflows further pressured the local unit, according to forex traders. At the interbank foreign exchange, the rupee opened at 94.97 and traded in the range of 94.87-95.34. It eventually settled at its record low of 95.31 (provisional), down 82 paise from its previous close.

On Friday, the rupee had closed at 94.49...