Weak rupee could cost India $9.5 billion more to repay foreign debt

India's short-term debt obligations, which included non-resident deposits as well as overseas commercial borrowings by companies, totaled $217.6 billion in 2017

Oil isn’t the only headache for India as the rupee slides.

Add external debt to the list. With the currency losing more than 11 per cent to the dollar this year, the country will have to shell out an extra Rs 685 billion ($9.5 billion) when repaying short-term debt in the coming months, according to numbers arrived at by the State Bank of India.

The rupee fell past 72 per dollar to a record low on Thursday, amid a deepening emerging market contagion and the risk of a wider current-account deficit. 

If the rupee averages 73 to a dollar this year and crude