The Indian rupee fell to a record low against the dollar on Wednesday. High oil prices and Iran war fears triggered massive capital outflows.
The USD/INR pair hit 96.8650 rupees, a seventh consecutive record high.
Oil prices surged over 50% due to the Strait of Hormuz deadlock. The rupee weakened 6% since the war began.
India imports over 80% of its crude oil, making it vulnerable to price spikes.
Foreign investors pulled $22-25 billion from local stocks and bonds since late-February.
