The Indian rupee faces pressure and may fall below 92 against the US dollar. A prolonged conflict between the US, Israel, and Iran could drive up oil prices. This rise in oil costs is expected to affect India’s fiscal deficit and inflation. Economists predict a potential impact on India’s GDP due to higher crude prices.
Oil prices surge amid Middle East conflict: How Indian oil stocks performed last week?
Oil prices saw a massive rally last week amid the raging war in the Middle East, as the Strait of Hormuz effectively closed for traffic,