India, May 11 -- The Indian rupee registered its sharpest single-day decline since March on Monday, weakening by 83 paise to close at 95.31 against the US dollar amid concerns over rising crude oil prices and pressure on India's import bill.

On Friday, the domestic currency had settled at 94.48 per dollar.

Market analysts linked the sharp fall in the rupee to concerns triggered by Prime Minister Narendra Modi's recent remarks regarding the economic impact of the ongoing West Asia conflict, particularly its effect on crude oil imports and foreign exchange reserves.

According to analysts, elevated crude oil prices and fears of a widening trade deficit weighed heavily on investor sentiment in the currency market.

Jateen Trivedi, Vice Pre...