Indian rupee slumped to a fresh record low of 91.95/$ on the back of foreign fund outflows from corporates, and importers dollar demand and absence of trade deal (still). In our report ‘What next for INR’ in Oct-2025, we had argued that the prolonged delay in finalizing the trade deal between India and the US is keeping INR on a depreciating note, pushing it towards the 92 level. Since the beginning of 2026, INR has so far slumped by 2% against the dollar.
