--- title: "Rupee stuck under oil pressure; Iran war shadows Trump’s China trip" type: "News" locale: "en" url: "https://longbridge.com/en/news/286349602.md" description: "The Indian rupee is under pressure, hovering near its all-time low due to persistent oil-linked challenges. Traders expect the rupee to open between 95.70 and 95.80 per U.S. dollar, following a record low of 95.7950. The upcoming meeting between U.S. President Trump and China's Xi Jinping may influence oil prices and the rupee's performance, especially concerning the Iran war. India is taking measures to curb imports and conserve foreign exchange, with potential policy changes anticipated to address the widening trade deficit and current account deficit." datetime: "2026-05-14T03:00:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286349602.md) - [en](https://longbridge.com/en/news/286349602.md) - [zh-HK](https://longbridge.com/zh-HK/news/286349602.md) --- # Rupee stuck under oil pressure; Iran war shadows Trump’s China trip By Nimesh Vora MUMBAI, May 14 (Reuters) - The Indian rupee is expected to remain under pressure on Thursday, holding near its all-time low, on persistent ‌oil-linked headwinds that have lingered for weeks. Headlines related to the Iran ‌war emerging from U.S. President Donald Trump's visit to China will steer oil prices and spillover ​effects would influence the rupee, traders said. The rupee is expected to open in the 95.70 to 95.80 range, traders said, after settling at 95.7050 per U.S. dollar on Wednesday, when it hit a lifetime low of 95.7950. Brent crude was largely steady ‌near $106 a barrel with investors ⁠awaiting a meeting between Trump and Chinese President Xi Jinping, with the Iran war in focus. While Trump has said he ⁠may not need China's help to resolve the 11-week long war, he is expected to seek Xi's support. The key question is whether the meeting will yield any progress ​on the ​Iran conflict, ING said in a note. Some ​hope China could exert pressure ‌on Tehran to strike a deal with the U.S. and allow energy flows through the Strait of Hormuz to resume, it said. Any relief from the meeting on the oil front would buoy the rupee, which has been under mounting strain from persistently high crude prices. The pressure is evident in the prime minister's ‌call to curb non-essential travel and gold ​imports to conserve foreign exchange. India has raised import ​duties on bullion to contain the ​trade deficit, which could widen further due to higher oil ‌imports and lead to a significant ​expansion in the current ​account deficit. Nomura said in a note that more policy measures are likely in the coming weeks and months, including steps to discourage imports such ​as electronics, tighter rules ‌under the liberalised remittance scheme, which allows residents to take up ​to $250,000 out annually, and the potential issuance of a diaspora bond. (Reporting ​by Nimesh Vora; Editing by Mrigank Dhaniwala) ### Related Stocks - [603353.CN](https://longbridge.com/en/quote/603353.CN.md) - [OXY.US](https://longbridge.com/en/quote/OXY.US.md) - [BP.UK](https://longbridge.com/en/quote/BP.UK.md) - [IMVP.US](https://longbridge.com/en/quote/IMVP.US.md) - [XOP.US](https://longbridge.com/en/quote/XOP.US.md) - [CRAK.US](https://longbridge.com/en/quote/CRAK.US.md) - [UCO.US](https://longbridge.com/en/quote/UCO.US.md) - [USO.US](https://longbridge.com/en/quote/USO.US.md) - [IEO.US](https://longbridge.com/en/quote/IEO.US.md) - [IND.US](https://longbridge.com/en/quote/IND.US.md) - [VDE.US](https://longbridge.com/en/quote/VDE.US.md) - [XES.US](https://longbridge.com/en/quote/XES.US.md) - [ING.US](https://longbridge.com/en/quote/ING.US.md) - [NMR.US](https://longbridge.com/en/quote/NMR.US.md) - [8604.JP](https://longbridge.com/en/quote/8604.JP.md) ## Related News & Research - [Oil prices rebound by more than $2 a barrel on prospect of tightening US crude supplies](https://longbridge.com/en/news/294128765.md) - [Oil prices slip as tankers continue to ply Middle East conflict zones](https://longbridge.com/en/news/294279249.md) - [Trump Is Playing Chicken With the Country That Fuels Half of America — During a Global Energy Crisis](https://longbridge.com/en/news/293912348.md) - [Iran's Tasnim says oil tanker explodes after hitting naval mine in Strait of Hormuz](https://longbridge.com/en/news/293845546.md) - [GRAPHIC-Add a month at sea and $2.5 million - what it costs oil tankers to flee Hormuz and Bab el-Mandeb](https://longbridge.com/en/news/293675497.md)