India's Currency Crisis: A Perfect Storm of Global and Domestic Factors India is facing one of its most daunting economic challenges, a perfect storm of global and domestic factors that threatens to destabilize its currency and economy.
The country's balance of payments (BoP) position has been deteriorating rapidly, with the rupee weakening by over 5% since the Iran conflict began.
The reasons for India's economic woes are multifaceted and interconnected. The country is heavily dependent on imported crude oil, which accounts for nearly 90% of its requirements.