Mundhra Warns Rupee Could Crash to Rs 150 as India’s Import Dependence Deepens
Updated
Updated · The Economic Times · May 17
Mundhra Warns Rupee Could Crash to Rs 150 as India’s Import Dependence Deepens
3 articles · Updated · The Economic Times · May 17
Rs 150 per dollar is the level entrepreneur Mundhra says the rupee could hit, arguing India’s current austerity measures are not workable over the long run.
Nearly 89% energy import dependence — up from about 83% — is central to his warning, with oil, gas, gold and advanced technology imports keeping pressure on outflows.
Mundhra said that dependence could reach 95% in coming years unless India shifts toward domestic production and longer-term structural reforms instead of short-term political fixes.
Foreign tech adoption is another drain, he argued, with spending on services such as satellite internet and AI subscriptions sending billions of dollars abroad because India lacks strong local alternatives.
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India’s Rupee Plunges to 96/USD: Unpacking the Crisis, Economic Impact, and the Road to Recovery
Overview
In mid-May 2026, the Indian rupee plunged to historic lows, settling at 96.35 against the US dollar after a sharp decline triggered by escalating geopolitical tensions and surging crude oil prices. This marked a significant depreciation, with the rupee falling 0.4% in a single day and reaching new record lows. The rapid weakening reflects a combination of external shocks and deep-rooted economic vulnerabilities, including heavy import dependency and capital outflows. As the rupee continues to slide, concerns grow over inflation, rising import costs, and the broader impact on India's economy and daily life.