India’s rupee has weakened past 95 per dollar for the first time, marking its steepest annual decline in over a decade. The fall has been driven by rising oil prices, foreign investor outflows, and growing concerns over the country’s economic exposure to global supply shocks.

Although the Reserve Bank of India introduced measures to limit speculative trading, the impact has been limited. With billions flowing out of equities and oil dependency remaining high, analysts warn that the rupee could face continued pressure in the coming weeks.