The Indian rupee dropped around 56 paise to settle at 93.39 against the US dollar on Monday, its steepest single-day decline in recent weeks. The slide was driven by collapsed US-Iran peace talks and uncertainty over the Strait of Hormuz (a critical Persian Gulf shipping lane through which roughly a fifth of global oil passes), prompting a surge in crude oil prices and a stronger dollar. Foreign investors pulled capital out of Indian equities, compounding pressure on the currency as geopolitical anxiety gripped global financial markets.