Frustration with falling indices is rising. Portfolios that looked heroic two years ago look tired. SIP statements that once brought a smile are opened with a wince. And if domestic investors are unhappy, foreign investors are more so. For them, falling prices have come with a second blow: a weakening rupee.
India has always suffered when oil is expensive. It imports most of the crude, so a higher oil bill widens deficit, puts the rupee under pressure and fuels inflation. But here's what makes this moment unusual. From 2000 to 2025, US rates were high, but crude was below $100. When crude finally rose above $100, rates had collapsed to zero after the Great Financial Crisis. One headwind usually arrived with a tailwind.
