Mumbai: India's currency has tumbled to record lows because of pressure on its external balance of payments, prompting steps to cool dollar outflows.
A surge in oil prices following the late-February Iran conflict and persistent foreign selling of Indian stocks are likely to widen India's balance of payments deficit in the current financial year. Economists at HSBC expect the deficit to widen to $65 billion in 2026-27 from an estimated $35 billion in 2025-26.
