The Indian rupee weakened to a fresh all-time low of 94.84/$, as there are no signs of de-escalation in the ongoing West Asia conflict between US, Isreal & Iran. So far, the Indian currency has depreciated almost 3.9% against the dollar ever since the conflict in West Asia broke out on Feb 28. Though, despite the recent sharp depreciation in spot, we remain cautious on the trajectory of INR in the near term, should the Middel East tensions, and the resultant crude shock persist.
