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<p>India is paying for a war it isn't fighting.

Brent is near $115 today. India imports about 85% of its oil, so every spike lands straight on the rupee.

The rupee closed at 95.28 today, about 2% off its record low of 96.97 from May. Reserves are down from a record $785B in early September to around $726B, because RBI keeps selling dollars to defend it.

Tonight the Fed decides at 11:30 PM IST. If Warsh sounds hawkish, the dollar gets stronger, and the rupee pays for that too.

Petrol, EMIs, imported phones and your crypto buys all run through this one number.</p>

India is paying for a war it isn't fighting.
Brent is near $115 today. India imports about 85% of its oil, so every spike lands straight on the rupee.
The rupee closed at 95.28 today, about 2% off its record low of 96.97 from May. Reserves are down from a record $785B in early September to around $726B, because RBI keeps selling dollars to defend it.
Tonight the Fed decides at 11:30 PM IST. If Warsh sounds hawkish, the dollar gets stronger, and the rupee pays for that too.
Petrol, EMIs, imported

India is paying for a war it isn't fighting. Brent is near $115 today. India imports about 85% of its oil, so every spike lands straight on the rupee. The rupee closed at 95.28 today, about 2% off its record low of 96.97 from May. Reserves are down from a record $785B in early September to around $726B, because RBI keeps selling dollars to defend it. Tonight the Fed decides at 11:30 PM IST. If Warsh sounds hawkish, the dollar gets stronger, and the rupee pays for that too. Petrol, EMIs, imported phones and your crypto buys all run through this one number.

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