Markets Daily India

Pricey Crude May Pressure Indian Rupee, Trigger More Foreign Outflows

The rupee may lag peers as the RBI is expected to buy dollars to rebuild reserves.

500 rupee banknotes counted by a cash counting machine.Photographer: Prakash Singh/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Pratigya Vajpayee and Alex Gabriel Simon

April 23, 2026 at 2:45 AM UTC

This article is for subscribers only.

Good morning...

I’m Pratigya Vajpayee in Mumbai, bringing you key updates ahead of the market open.

The mood among Indian investors has turned cautious again, with oil prices on an upswing as the US and Iran remain locked in a battle for control of the Strait of Hormuz. More industries are warning that things will not return to normal quickly even if the war were to end soon. India’s energy supplies too will be tested if Hormuz does not reopen for passage shortly. Amid these concerns, the Nifty 50 snapped a three-session winning streak on Wednesday and the rupee posted its biggest decline in a week. For equities, the IT sector will be in focus today as Infosys announces its March-quarter earnings, with sentiment already dented by HCL Technologies’ tepid commentary.