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The Indian rupee plunged to a new intra-day low of 90.25 against the US dollar due to FII outflows, strong dollar demand by banks, and uncertainty over India-US trade talks.

Rupee slumps to all-time low of 90.25 against US dollar in intra-day trade

The Indian rupee plunged to a new intra-day low of 90.25 against the US dollar due to FII outflows, strong dollar demand by banks, and uncertainty over India-US trade talks.

The rupee plummeted to a new low of 90.25 against the greenback in the intra-day session on Wednesday, falling 29 paise from its previous close, amid FII outflows and sustained buying of dollars by banks.
A decline in the domestic equity markets and the absence of an India-US trade deal put further pressure on the local unit, according to forex traders.
At the interbank foreign exchange, the rupee opened at 89.96 against the greenback and slipped to an all-time intra-day low of 90.25, down 29 paise from its previous close.
On Tuesday, the rupee settled 43 paise down at an all-time closing low of 89.96 against the US dollar, largely owing to continued short-covering from speculators and sustained importer demand for the American currency.
Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said, "The rupee slipped below the 90-mark for the first time, pressured by the absence of a confirmed India-US trade deal and repeated delays in timelines. Markets now want concrete numbers rather than broad assurances, leading to accelerated selling in the rupee over the past few weeks."
"Record-high metal and bullion prices have further worsened India's import bill, while steep US tariffs continue to strain export competitiveness," he said.
"The rupee has been weakening with the Government of India and the Reserve Bank of India (RBI) wanting to help exporters and may have kept the dollar well bid in the past few days," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. Nationalised banks purchased dollars at higher levels consistently on Tuesday, he said.
The MPC meeting starts on Wednesday and the interest rate decision will be declared on December 5 ahead of the Fed interest rate outcome on December 10. "A rate cut by the RBI could invite further selling of the rupee," Bhansali added.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.18 per cent lower at 99.17. Brent crude, the global oil benchmark, was trading 0.03 per cent lower at USD 62.43 per barrel in futures trade.
On the domestic equity market front, Sensex was down intra-day by 277.23 points, or 0.33 per cent, to 84,861.04 points. Nifty, too, was trading lower by 111.70 points, or 0.43 per cent to 25,920.50.
Foreign Institutional Investors sold equities worth Rs 3,642.30 crore on Tuesday, according to exchange data.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.

Rupee sinks 53 paise to hit new all-time low of 85.80 in mid session

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.

The rupee recorded its steepest single-day fall in past six months, sinking 53 paise to hit a new all-time intraday low of 85.80 against the US dollar during mid session on Friday as the unabated rise in the American bond yields boosted the greenback's appeal.
Positive domestic equity markets failed to resist foreign investors' selling spree as lower valuation of equities in other Asian peers turned more attractive. This resulted into a mass exit of foreign institutional investors from Indian equities, weighing down the rupee, according to analysts.
Besides, the rising crude oil prices pushed the rupee down further, they said.
At the interbank foreign exchange, the rupee opened weak at 85.31 and plunged to the lowest-ever level of 85.80 during mid session, recording its steepest single-day fall since March 22 this year when the unit settled 48 paise lower. Later in the day, the rupee traded with a loss of 42 paise at 85.69.
The earlier sharpest single-day fall of 68 paise was recorded on February 2, 2023.
The rupee plunged 12 paise to 85.27 against the dollar on Thursday, after declining 13 paise in the previous two sessions.
"The central bank holds USD 21 billion in short-side forward contracts set to mature in December and January. Market speculation suggests that the RBI has refrained from rolling over these maturing forwards, leading to a scarcity of dollars and an oversupply of rupees. Moreover, dollar liquidity in the market remains very low, amplifying the upward momentum in the pair. This imbalance has propelled the USD-INR pair towards 85.8075 levels," said Amit Pabari, MD of CR Forex Advisors.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading higher by 0.08 per cent at 107.98 amid soaring US Treasury yields with 10-year bond hovering around 4.50 per cent.
Brent crude, the global oil benchmark, rose 0.07 per cent to USD 73.31 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading higher by 319.93 points, or 0.41 per cent at 78,792.41 points. The Nifty was up 89.60 points, or 0.38 per cent, at 23,839.80 points.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 2,376.67 crore, according to exchange data.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

The rupee’s Asian peers – the Korean won, the Malaysian ringgit, and the Indonesian rupiah – were down 0.8%-1.2% on the day.

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

The rupee&rsquo;s Asian peers &ndash; the Korean won, the Malaysian ringgit, and the Indonesian rupiah &ndash; were down 0.8%-1.2% on the day.

The Indian rupee declined past 85 to the U.S. dollar for the first time on Thursday after the Federal Reserve signalled fewer rate cuts next year, piling more pressure on a currency already struggling with tepid capital flows.
The rupee hit a low of 85.0650 against the U.S. dollar, down from 84.9525 on Wednesday. The pace of the currency&rsquo;s fall to 85 handles from 84 has been faster than prior declines of the same magnitude.
The rupee&rsquo;s drop to 85 from 84 has taken place in a space of about two months, while the decline to 84 from 83 took nearly 14 months. It took the currency 10 months to decline to 83 from 82.
ASIA FX SLUMPS
The rupee&rsquo;s Asian peers &ndash; the Korean won, the Malaysian ringgit, and the Indonesian rupiah &ndash; were down 0.8%-1.2% on the day.
The selloff in Asia FX comes after the Fed dot plot indicated two rate cuts next year, half of what was signalled in September.
&ldquo;From here, it&rsquo;s a new phase and we&rsquo;re going to be cautious about further cuts,&rdquo; Fed Chair Jerome Powell said.
The central bank&rsquo;s hawkish turn comes amid several negative factors that the rupee is contending with. India&rsquo;s economic growth slowed to a seven-quarter low from July to September, the merchandise trade deficit is widening, and capital inflows are tepid.
Persistent strength in the U.S. dollar on incoming U.S. President Donald Trump&rsquo;s expected policies has further undermined the rupee. The Fed&rsquo;s latest rate forecasts will provide an additional fillip to the dollar.
India&rsquo;s sharply slowing growth, necessitating the central bank to deliver rate cuts sooner rather than later, is an added factor that is weighing on the rupee, said Akshay Kumar, head of global markets at BNP Paribas India.
&ldquo;In the short term, we can expect upward pressure on USD/INR to remain,&rdquo; he said.
The many headwinds that the rupee is facing prompted investors to raise their short positions on the currency to a two-year high in December, according to a Reuters poll.
The rupee has weakened about 2% so far this year and is in the middle of the Asia FX pack.
Routine interventions by the Reserve Bank of India have kept the rupee&rsquo;s volatility low relative to its Asian peers.
The muted volatility that the rupee enjoyed in the last two years may not be repeated in 2025, analysts said.
(Except for the headline, this story has not been edited by Editorji News Desk and is published from a syndicated feed.)

SBI Research suggests the rupee could depreciate 8-10%, reaching 92/USD if Trump wins a second term. Recently hitting a record low of 84.39, the rupee faces potential volatility. Historically, it fell over 28% under Obama 2.0 and 11% under Trump 1.0.

Trump 2.0 = Rupee 92? SBI Research Says It’s Possible

SBI Research suggests the rupee could depreciate 8-10%, reaching 92/USD if Trump wins a second term. Recently hitting a record low of 84.39, the rupee faces potential volatility. Historically, it fell over 28% under Obama 2.0 and 11% under Trump 1.0.

The rupee has just hit an all-time low of 84.39 against the dollar after the latest U.S. election results&hellip; but could Trump 2.0 send it even lower?
SBI Research say, YES! As per this report, the Trump win could trigger an 8-10% drop in the rupee.
With intermittent drops and brief recoveries, we could soon see an exchange rate of 92 rupees per dollar.
The report also says that while a stronger dollar may lead to short-term capital outflows, a weaker rupee could offer a silver lining by providing an export advantage, boosting revenues for sectors like textiles, manufacturing &amp; agriculture.
Historically, the rupee fell 28% during Obama&rsquo;s second term and over 11% during Trump&rsquo;s first term.
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As rupee plunges, Finance minister Nirmala Sitharaman explains the cause

Responding to another question on the sliding of Indian rupees, she said it is because of the strengthening dollar.

Finance Minister Nirmala Sitharaman has said that the Indian rupee is holding ground at a time when dollar has strengthened, asserting that the fundamentals of India's economy is strong and the inflation is low compared to other parts of the world.
Speaking to reporters on Saturday after concluding her trip to the city where she attended the annual meetings of the International Monetary Fund and the World Bank, Sitharaman also said that the inflation is at a manageable level.
&ldquo;The fundamentals of the Indian economy are good, macroeconomic fundamentals are good. The foreign exchange reserve is good. This is what I keep repeating that inflation is also at a manageable level,&rdquo; Sitharaman said.
Also Watch| <a href="https://www.editorji.com/india-news/sitharaman-indian-economy-will-stay-on-course-despite-global-headwinds-1665814034612">Sitharaman: Indian economy will stay on course despite global headwinds</a>
Responding to questions, Sitharaman, who also held 24 bilateral and about a dozen multilateral meetings on the sidelines of the IMF and the World Bank meetings, said that she would love to bring the inflation further below six per cent, and the government is making efforts for it.
Referring to the fact that several countries in the world like Turkey are facing double digit inflation, she said countries are being very severely impacted through external factors.
&ldquo;We are also being impacted through external factors. We are also being impacted. But because of the various measures we're taking timely each time we are able to bring it to this level at least hold it. Ideally at this time to bring it to four will be just very good, but we're trying,&rdquo; she said.
&ldquo;So, we have to be conscious of the position that we are in compared to the rest of the world. I'm not asking for celebration but it is true that we are holding together. And I'm very conscious particularly of the fiscal deficit,&rdquo; Sitharaman said.
Responding to another question on the sliding of Indian rupees, she said it is because of the strengthening dollar.

India reported an average monthly trade deficit of $23.2 billion for the first nine months of this year, compared to an average of $15.3 billion in 2021

Rupee to drop further to 84.50 against dollar by year?

The Indian rupee will fall further against the U.S. dollar over the rest of the year, a Reuters poll showed

India reported an average monthly trade deficit of $23.2 billion for the first nine months of this year, compared to an average of $15.3 billion in 2021

The Indian rupee will fall further against the U.S. dollar over the rest of the year, a Reuters poll showed, setting up the currency for its steepest annual decline in at least nine years due to a widening domestic trade balance and surging U.S. interest rates.
The rupee slipped to a record low of 83.2 on Thursday. It is likely to fall further to 84.50 by December, according to the mean and median forecasts of a poll of 14 bankers and foreign exchange advisors.
The South Asian currency has already tumbled about 12% so far this year, equalling its drop over the whole of 2013, when the U.S. Federal Reserve&rsquo;s decision to slow bond purchases prompted a broad selloff in emerging market currencies.
The Fed's hikes have led to a near 18% jump in the dollar index this year and has prompted investor to pull out capital from emerging market assets.&nbsp;

The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar in early trade on Monday as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.
Moreover, a negative trend in domestic equities and firm American currency sapped investor appetite, forex traders said.
At the interbank foreign exchange, the rupee opened at 82.68 against the greenback, then slipped further to 82.69, registering a fall of 39 paise over its previous close.

Rupee hits fresh record low; impacts students who want to study abroad

Rupee hits fresh record low; here's how it impacts students who want to study abroad

The rupee fell to a record low of 82.66, down from 82.33 from the previous sessionRupee at 82.69; another record low against US dollar

The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.
The rupee has been repeatedly posting record lows in recent sessions on concerns over oil prices, rising Treasury yields, FII outflows and offshore demand for the U.S. currency.&nbsp;
Not only this, studying abroad has become costlier amid a sharp fall in rupee. The cost for studying in the US has gone up by Rs 1.5 to 2 lakh per year. &nbsp; The increase in tuition fees in the US, the UK and Australia by 10 to 20 per cent is another reason behind the costlier education abroad. Also, the airfares have increased in recent times, which has added burden on students studying abroad.
Adding to the woes, the visas of lakhs of Indian students have not been approved in countries like the US, the UK, Canada and Australia. &nbsp; There are long delays in getting student visas while at the same time those students, whose visas have been approved, are facing inflation due to rupee depreciation.

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors.
Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.
Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.

 Rupee falls 81-mark against US dollar for first time

Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite

The rupee depreciated 44 paise and slipped below the 81-mark against the US dollar for the first time in early trade on Friday, weighed down by the strong american currency and risk-off sentiment among investors.
Forex traders said escalation of geopolitical risk in Ukraine and rate hikes by the US Fed and Bank of England in a bid to contain inflation sapped risk appetite.
Further, the strength of the American currency in the overseas market, a negative trend in domestic equities, and risk-off moods amid escalation of geopolitical risk in Ukraine weighed on the local unit.
At the interbank foreign exchange, the rupee opened at 81.08 against the greenback, then fell further to 81.23, registering a fall of 44 paise over its previous closing.

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