New Delhi, May 19 -- The Indian rupee has had a rough 2026. It's now the worst-performing currency in Asia this year, down over 6% year-to-date, and the pressure isn't letting up.

The rupee hit an all-time low of Rs.95.96 to the dollar during intraday trade on Thursday, before recovering slightly to around Rs.95.8 on Friday. It continued to slide on Monday, touching a fresh record low of Rs.96.12 against the US dollar.

The main culprit? Oil.

Crude prices have been surging, and Indian oil marketing companies are buying dollars in bulk to pay for imports, keeping constant pressure on the rupee. India imports roughly 90% of its oil and about half its gas, which leaves the currency especially exposed if the Iran conflict drags on and keeps...