India’s central bank tries to shore up rupee as it nears record lows
Rise in energy costs due to US-Israel war on Iran has put downward pressure on the currency of the world’s fastest-growing major economy
Source: Financial Times
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DW NOTE
India imports 85% of its oil. The Strait of Hormuz has been closed for 224 days. The RBI can intervene all it wants — the problem isn't currency speculation, it's that energy has to come around the Cape of Good Hope now, and someone has to pay for that. The rupee is pricing in a real cost, not a sentiment problem.