Rupee Record Low Near 97 on Oil Shock

Indian rupee fell to a record low of 96.8650 per USD on 20 May 2026, marking seventh consecutive record high.
The depreciation was driven by a sharp rise in oil prices and heightened Iran‑U.S. tensions in the Strait of Hormuz.
Foreign investors have withdrawn between $22 billion and $25 billion from Indian equities and bonds since late February, per government data.
India imports over 80% of its crude, making the rupee especially vulnerable to sustained high oil prices.