New Delhi, May 25 -- Since the start of the US-Iran war in late February, the Indian rupee has been under significant pressure. Sample this - on 28 February, the rupee was hovering around Rs.91 per dollar, and on 21 May it hit a record low of Rs.96 per dollar - within three months of beginning of the US-Iran war. On Monday, the Indian rupee settled at Rs.95.23 against the greenback.

The key reasons behind this are rising crude oil prices, FII outflows, and the strengthening of the US dollar. It may be recalled, PM Modi recently urged Indians not to buy gold for a year, avoid overseas travel, and reduce oil and gas consumption in order to protect the rupee and save foreign exchange reserves.

But these are not just macroeconomic factors w...