article Automakers including Hyundai Motor India Ltd and Honda Motor India, have reported falling profits for the first time in three years as they seek to boost sales in India and the Middle East.

The Indian car market has grown by 25% in the last 12 months, with the average price of petrol at Rs2.20 per litre.

But the rupee plunged by more than 25% against the dollar in the past 24 hours, with inflation at its highest in a decade and a record low of 2.5% in August.

The rupee has lost about a third of its value against the greenback this year, making it harder for companies to raise capital and drive growth.

Analysts said the rupees slide in the wake of a major increase in fuel taxes last week that has boosted sales and helped to boost demand.

“We are at the end of the bull run.

The markets are going to get more aggressive.

The big question is whether they will go for the bull again,” said Arvind Jain, chief executive of Mumbai-based investment bank RICCI.

India’s oil demand is forecast to increase from 2.8 million barrels per day (bpd) in 2020 to 4.1 million bpd by 2023, but it remains a major drag on the rupeon.

A surge in demand for fuel in Asia and the United States will also help boost growth in India’s economy, which grew just 1.6% in July-September, according to the World Bank.

In contrast, the ruquier is expected to increase just 0.1% in 2019-20, according data from the Reserve Bank of India.