India, April 21 -- Indian financial markets enter a consequential week with multiple macro pressure points converging simultaneously. The rupee has clawed back from a record low past the 95 mark to close at 92.9250 against the dollar last Friday, but that recovery owes more to Reserve Bank of India intervention than to any meaningful improvement in the underlying risk environment.

Analysts expect the rupee to trade in a range of 92.50 to 93.50 this week, with the trajectory primarily dependent on how the US-Iran situation evolves rather than domestic factors. The central bank's defence of the rupee through intervention has stabilised the exchange rate technically, but a renewed spike in Brent crude India imports roughly 85 percent of its...