The Indian rupee is under intense pressure as soaring oil prices and a stronger U.S. dollar push the currency to fresh record lows. The rupee has already fallen nearly 6.5% against the dollar in 2026, sparking fears that it could eventually test the psychological 100-per-dollar mark. In this report, we examine what’s driving the rupee’s decline, how rising crude prices are worsening India’s trade deficit, and what it means for inflation, imports, and the Indian economy.

Oil Shock Sends Rupee to Record Lows

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Oil Shock Sends Rupee to Record Lows