Rupee hits record low as West Asia conflict worsens

Business Mar 27, 2026

"The Indian rupee hit an all-time low of 94.84 and closed at 94.8125 against the US dollar on Friday, mostly because the ongoing West Asia conflict is making energy supplies uncertain.
Since the Iran war began at the end of February, the rupee has fallen about 4%, and it's down 11% for this fiscal year, the biggest drop since 2011-12.

Societe Generale recommends shorting the rupee

With oil supply disruptions pushing up prices, India's government cut fuel taxes and added windfall taxes to help out.
Still, markets took a hit: the Nifty 50 fell 2%, and bond yields rose to 6.94%.
Meanwhile, Societe Generale recommends shorting the rupee, with a target of 96 per US dollar.
Some expect the Reserve Bank of India to raise rates within the next 12 months.