The Indian rupee is expected to continue under pressure due to concerns that oil prices may stay higher for longer. The Reserve Bank of India (RBI) is seen to intervene to mitigate the downside. High oil prices could pose significant risks for India’s economy, raise the import bill, widen the current account deficit and put pressure on the rupee. The 1-month non-deliverable forward indicated that the rupees would open in the 92.30–92.40 range against the U.S. The market has also raised expectations about how long the Strait of Hormuz closure and the broader conflict could last.