The Indian rupee hit a record ​low past the 94-per-dollar ‌mark on Friday, hammered ​by worries that the ⁠energy supply crisis sparked by the Middle East war will ‌drag on, deepening the pressure on energy ‌importing economies.

The Indian rupee hit a record ​low past the 94-per-dollar ‌mark on Friday, hammered ​by worries that the ⁠energy supply crisis sparked by the Middle East war will ‌drag on, deepening the pressure on energy ‌importing economies.

The rupee fell ‌to ⁠94.1575 per dollar, eclipsing ⁠its previous all-time low of 93.98 hit earlier this week. It ​has declined about ‌3.5% since the war began late last month.

The threat of a protracted ‌energy shock has ​kept oil prices above the $100-per-barrel mark, weighing on ⁠global equities and sending bond yields higher.

Analysts have shaved ‌growth forecasts for India, with some also anticipating rate hikes by the Reserve Bank of India over the next 12 months ‌as the spillovers from the ​crisis threaten to lift inflation.

Even if a lengthy ⁠conflict is avoided, Bernstein sees ⁠a realistic chance of the rupee breachingthe ‌98-per-dollar level this year, with pressure primarily stemming from ​India's current account balance.

Published on March 27, 2026