The rupee fell by 4.2% against the dollar in the first month of the Iran war, a consequence of India’s huge oil-import bill.
But since mid-May it has traded sideways, thanks to a scheme run by India’s central bank https://www.economist.com/finance-and-economics/2026/08/27/how-indias-central-bank-subsidised-the-diaspora?taid=6a91b2e02c351600015c17f2&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter
But since mid-May it has traded sideways, thanks to a scheme run by India’s central bank https://www.economist.com/finance-and-economics/2026/08/27/how-indias-central-bank-subsidised-the-diaspora?taid=6a91b2e02c351600015c17f2&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter