The local currency has surpassed the psychological level of 90 on December 3 and yet again recorded a low 90.5625 against the US dollar. This is despite India’s resilient macroeconomic conditions.
Malhotra, who took charge as RBI Governor on December 11, 2024, has overseen a 5.71% slide in the rupee during his first year in office, marking the Indian currency as the worst performer among its Asian peers.
Beyond the political noise, BIS exchange rate data exposes the true scale of competitive devaluations, showing why China's surplus is a policy outcome while India's deficit reveals a growth story
According to Bloomberg data, the rupee still remains the worst performing currency in Asia after the Indonesian rupiah and the Philippine peso
As per estimates by the experts, this auction will approximately inject Rs 45,000 crore liquidity to the banking system.
The local currency hit the all time low in this week and crossed 90-mark against the US dollar on persistent equity outflows and uncertainty around the India-US trade deal.
The central bank revised down the CPI inflation by 60 basis points (Bps) for FY26 to 2 percent from 2.6 percent projected earlier.
The local currency was trading at 89.98 against the dollar after opening at 89.85
A Moneycontrol poll expects the MPC to cut repo rate by 25 bps, drawing comfort from the low CPI inflation print
The local currency closed at 89.9750 against the US dollar, as compared to 90.4115 at open and 90.1913 at previous close against the greenback.
The rupee slumped 28 paise to an all-time low of 90.43 against the US dollar in early trade on Thursday.
On December 3, the rupee went past the 90-mark against the US dollar for the first time
According to Bloomberg data, the Indian rupee depreciated 5.06 percent between December 31, 2024, and December 3, 2025. It has become the worst-performing currency among Asian peers.
According to a source, the RBI may have intervened at the certain level of 90.16-90.17 against the US dollar in spot forex market on December 3, and again at 90.27-90.29, to curb sharp depreciation.
The Rupee opened at an all-time low on December 3 and crossed the 90-mark against the US dollar on persistent equity outflows and uncertainty around the India-US trade deal.
Stalled India-US trade talks and heavy FPI outflows continue to weigh on the rupee despite the weakening of the dollar index
The depreciation in the local currency is highest in last three years due to tariffs related impact leading to higher demand for dollars among importers and outflows of funds from domestic equity market.
Indian rupee weakened 3.5% vs US dollar between March and October 2025, as RBI sold nearly $38 billion to stabilise the currency amid global volatility and mixed flows.
The rupee has depreciated 4.10% in the calendar year and 4.26% this fiscal, according to Bloomberg data
Importers have been buying dollars whenever the rupee strengthens, which has made it hard for the rupee to strengthen, experts say
This is the second consecutive day when the central bank is expected to have seen in the market to support the local unit.
On November 21, the local currency depreciated to a record low of 89.49 against the US dollar due to outflows from foreign investors from Indian equities, uncertainty over a US-India trade deal, and absence of RBI's support sparked the slide in the rupee.
On November 21, the local currency depreciated to a record low of 89.49 against the US dollar due to outflows from foreign investors from Indian equities, uncertainty over a US-India trade deal, and absence of RBI's support sparked the slide in the rupee.
With this fall, the local currency is down by 0.86 percent against the US dollar as compared to November 20. Indian rupee has seen a biggest intra-day fall of 67 paise, which is highest since May 8, 2025, when it depreciated 89 paise.