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Goldman Sachs Warns Rupee Could Hit 95 Amid Iran Conflict

3/20/2026

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Rupee Decline Alert

Goldman Sachs says the rupee could drop to 95 per dollar due to the Iran conflict.
The current account deficit is widening, raising concerns about inflation.
The Reserve Bank of India has intervened to stabilize the rupee, which recently traded at 92.4375.
Inflation remains under control, but rising oil prices could require tighter monetary policy.
The government may lower fuel excise duties or increase fertilizer subsidies to shield consumers.

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Maya Rani's Gas Crisis

Maya Rani, a 36-year-old Delhi resident, struggles to obtain a cooking gas cylinder amid a severe South Asia gas crisis.
The closure of the Strait of Hormuz has disrupted LPG supplies, driving up prices and causing shortages.
India’s LPG reserves are only 20 days, well below the 40–60 day global standard.
Restaurants face cuts, the poorest lose access to meals, and demand for electric cooking has surged.

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Rupee Decline Alert

Goldman Sachs says the rupee could drop to 95 per dollar due to the Iran conflict.
The current account deficit is widening, raising concerns about inflation.
The Reserve Bank of India has intervened to stabilize the rupee, which recently traded at 92.4375.
Inflation remains under control, but rising oil prices could require tighter monetary policy.
The government may lower fuel excise duties or increase fertilizer subsidies to shield consumers.

1 / 2