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Since the beginning of the Russia-Ukraine crisis, the Indian rupee has depreciated by nearly 7%, hovering close to 80 per US dollar. The rupee’s depreciation is the result of a number of factors, including rising geopolitical and insecurity risks, soaring energy prices, and the subsequent outflows of Foreign Institutional Investors (FIIs). To date, in this calendar year, FIIs have withdrawn a record US$ 30 bn.

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Impact of Rupee Depreciation on Indian Micro Small & Medium Enterprises (MSMEs) | SME Futures
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Impact of Rupee Depreciation on Indian Micro Small & Medium Enterprises (MSMEs) | SME Futures

Even if MSMEs do not have external commercial borrowings and do not engage in international trade, they would nonetheless be affected by negative macroeconomic conditions. As per estimates from the IMF, close to 90% of India’s overall import invoices