Rupee down over 7% at ₹96.3 against US dollar
Business
The rupee has taken a hit this year, falling more than 7% and now trading at ₹96.3 per US dollar.
Most of this drop is linked to higher oil prices and the ongoing Iran-US conflict, with the rupee becoming cheaper by a little over ₹1 against the dollar between January 1 and February 28, before weakening further by May 21, 2026.
UBS warns rupee may hit ₹100
Things got worse between March and May as tensions overseas ramped up, causing a sharp plunge of 5%.
UBS says the rupee could weaken further, possibly hitting ₹100 per US dollar by year-end.
On top of that, rising oil costs, US global tariffs damaging Indian exports, and less investor interest are making India's current account deficit more vulnerable compared to neighbors like Indonesia and the Philippines.