The Indian rupee declined 35 paise, steepest in more than five weeks to settle at 85.79 (provisional) against the US dollar on Monday. Indian shares nosedived on Monday, mirroring a global selloff amid concerns that a potential global trade war could fuel inflation and dent economic growth. Investor sentiment was hit by unfavorable global market conditions after China announced retaliatory tariffs on U.S. goods in reaction to President Donald Trump's new levies. Trump's top economic officials dismissed investors' fears of inflation and recession even after a two-day historic stock market rout. The benchmark S&P/BSE Sensex hit an intraday low of 71,425 before recouping some loss to end the session down 2,226.79 points, or 2.95 percent, at 73,137.90. The broader NSE Nifty index closed down 742.85 points, or 3.24 percent, at 22,161.60, after hitting a low of 21,744 earlier. Meanwhile, a steep decline in crude prices and a weaker American currency failed to arrest the fall in domestic currency due to the withdrawal rush by foreign as well as domestic equity investors.