19
May
The Indian rupee plummeted to a historic low of 96.45 against the US dollar, driven down by soaring global crude oil prices and intensifying geopolitical conflicts in the Middle East. As Brent crude surged past $111 per barrel following a drone strike on a UAE nuclear power plant and stalled US-Iran peace talks, concerns over India’s expanding import bill and widening current account deficit escalated sharply. Because India relies on imports for nearly 90% of its crude requirements, higher energy costs are heavily straining domestic macroeconomic stability, accelerating wholesale inflation to 8.3%, and triggering substantial foreign investor outflows from local…
