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India faces mounting economic pressure as the Indian Rupee falls to a historic low of 95.31 against the U.S. dollar amid disruptions in the Strait of Hormuz. Prime Minister Narendra Modi calls for “Economic Patriotism” in public addresses, urging citizens to conserve fuel, reduce non-essential imports, delay foreign travel, and postpone gold purchases to limit dollar outflows. The crisis is driven by rising oil import costs, as a large share of India’s crude supply passes through the conflict-affected waterway. Authorities are also considering diaspora bonds and structural measures to stabilize foreign exchange reserves and protect the balance of payments.
Monday, 11 May, 2026