The U.S. dollar fell to a 10-day low, making greenback-priced bullion cheaper for other currency holders, while oil prices slipped more than 4%.
Article 38 provides vessels a right of unimpeded "transit passage" through more than 100 straits worldwide, including the Strait of Hormuz.
Hours earlier, Modi received Putin at the airport in Delhi, a rare gesture underlining the warm ties between the leaders.