The Indian rupee fell to a historic low against the US dollar on Tuesday, pressured by sustained high crude oil prices, foreign investment withdrawals, and weak market sentiment. The currency opened trading at 95.50 per dollar, surpassing its previous record of 95.4325, and later weakened further to 95.6250. Since the start of the Iran-Israel war, the rupee has depreciated by about 5.2 percent. The Reserve Bank of India intervened in the market to stabilize the decline, but analysts noted that rising global oil prices continue to strain India’s import-dependent economy.
Brent crude prices have risen by nearly 46 percent, affecting other Asian currencies such as the Philippine peso and Indonesian rupiah. So far this year, the rupee has dropped around 6.5 percent, marking the worst performance among Asian currencies. Analysts warned that a prolonged US-Iran conflict could keep oil prices high, widening India’s current account deficit and further pressuring investment inflows.
ANZ Bank revised its December forecast for the rupee from 93 to 97.5, while BMI cautioned that the currency could approach 100 if conditions worsen. Prime Minister Narendra Modi urged citizens to reduce energy use, travel, and imports to conserve foreign reserves.
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