The Indian rupee has experienced a notable decline amid a surge in Brent crude oil prices, which have risen nearly 50% since the onset of the Iran conflict. This increase has put pressure on oil-importing countries, including India, leading to currency depreciation. Alongside the rupee, currencies such as the Philippine peso and Indonesian rupiah have also been adversely affected, with the rupiah reaching a record low recently. The Reserve Bank of India (RBI) is expected to intervene in the foreign exchange market to mitigate the rupee's volatility and support its value amid ongoing capital outflows and rising import costs. The rupee and other currencies of oil-importing countries have been among the ​hardest hit following a near 50% surge in Brent crude prices since the Iran war began.