The Indian rupee dropped to an all-time low on Monday, March 23, as rising tensions in the Middle East heightened concerns about ongoing disruptions to energy supplies, jeopardizing the forecast for Asia’s third-largest economy.
The rupee declined to 93.84 against the US dollar, surpassing its previous record low of 93.7350 set on Friday. Since the onset of the conflict, the rupee has depreciated approximately 3%, as it is one of the currencies most vulnerable to prolonged increases in oil prices.
BofA Global Research predicts that the rupee will be valued at 94 by June 2026, an increase from its previous estimate of 89, contingent on the current crisis being resolved within a few weeks.
