The Indian rupee has experienced a 0.3% drop, closing at 94.1050 against the US dollar, marking its longest losing streak since mid-January. This decline comes as oil prices surged over $100 per barrel due to stalled peace negotiations between the United States and Iran, which have heightened geopolitical tensions, particularly in the Strait of Hormuz. The rupee's depreciation is compounded by a 1% decline this week, driven by a nearly 15% increase in crude oil prices. Additionally, the Nifty 50 index fell by 0.8%, reflecting broader market concerns. Despite these challenges, a recent business survey indicates that India's private sector growth accelerated in April, suggesting a rebound in manufacturing and services activity. Economists warn that if oil prices remain above $100, the Reserve Bank of India may consider tightening monetary policy, while a more stable oil price around $80 could lead to no rate hikes.