According to CoinMeta, the Indian rupee is at risk of hitting another historical low due to the ongoing standoff between the United States and Iran. Last week, the U.S. Treasury Department announced that it would double the scale of its liquidity support repurchase operations, increasing the maximum purchase amount from $2 billion to at least $4 billion, which led to a general weakening of the dollar. U.S. Treasury Secretary Janet Yellen stated that this move was intended to send a message to the market that yields do not reflect fundamental conditions. The effect of this fiscal intervention in the market is similar to quantitative easing, although technically it is not considered quantitative easing. In the short term, the Indian rupee will continue to be driven by oil prices, as India relies heavily on imported oil. Rising oil prices will increase demand for dollars, widen the trade deficit, and put pressure on the country's external balance.