India's Rupee Slides to One-Month Low as Oil Surge Hits Asian Importers

📉 RUPEE — India's central bank is plugging a hole the Hormuz war tore open. 📌 LOOK CLOSER: India imports ~85% of its oil; a sustained Brent rise hits the rupee structurally, not cyclically. RBI intervention buys time but burns reserves. Delhi is simultaneously under US pressure to stop buying Iranian crude — the very supply Tehran claims still flows. Every rupee spent defending the currency raises the cost of complying with Washington's blockade.