India is considering several steps to counter the depreciation of the rupee, trade minister Piyush Goyal said on Thursday, adding that New Delhi is monitoring the situation. "We are monitoring the situation ... and several steps are under consideration. The situation is globally quite challenging," Goyal said.
Goyal's comments come as the rupee has hit successive record lows and weakened more than 6 percent since the US-Israel war on Iran drove up crude prices.
The currency has dropped more than five percent since the crisis erupted in February, extending losses from 2025 and making it Asia's worst-performing major currency in 2026 so far.
It hit a record low of over 96 to the dollar on Friday, prompting officials to signal that halting further depreciation is a key macroeconomic priority.
India's central bank has already poured billions of dollars to stabilise the currency, curbed speculative trading and offered a special credit line to oil importers to ease dollar demand.
