India's rupee near record low as the oil spike lifts rate-hike bets
23 July 2026 | 3 months ago
India's rupee traded near its record low against the dollar on Thursday, 23 July 2026, hovering around 96.5 rupees per dollar. Despite a small early bounce helped by dollar selling and expectations of intervention by the Reserve Bank of India, high global oil prices capped a stronger recovery.
The jump in oil prices following the Iran-US war has raised inflationary pressure on India, one of the world's largest oil importers, and lifted market bets on an RBI interest rate hike in October. The Nifty 50 equity index also fell for a third straight session.
The trend shows how the oil shock from West Asia tensions transmits, through the energy import bill, into the currencies and monetary policy of Asian economies, a mechanism that also matters for Iran through the global oil price.
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