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The Indian rupee plunged to an all-time low on Wednesday as escalating tensions in the Middle East sent crude oil prices soaring, sparking fears of higher inflation, a widening trade deficit and capital outflows from emerging markets. The Reserve Bank of India is believed to have stepped in to support the currency after it breached the 92-per-dollar level, reportedly selling dollars in the market to slow the rupee’s fall. 72%, complicating the central bank’s efforts to keep borrowing costs stable.
The Indian rupee underperformed in 2025. (AI image)The Indian rupee was the worst performing Asian currency in 2025 and has started 2026 on a poor note, hitting a lifetime low of 92 versus the US dollar....
Indian IT and pharma stocks are not benefiting from a weaker rupee as expected. Tariff concerns are overshadowing currency gains. Investors are waiting for clarity on trade deals. Foreign investors have also been selling these stocks. Valuations remain a concern for pharma companies. Demand for IT services shows signs of improvement. Stock selection will be crucial for investors.
Global tensions may weaken the Indian rupee this week. Experts predict volatility due to US actions in Venezuela. The rupee has already declined. The Reserve Bank of India's upcoming swap operation on January 13 will be crucial. Foreign investor outflows and trade deficits also impact the currency's performance.
The irony is that markets are trying to do a desirable job that policy makers have themselves been unable or unwilling to (a rupee depreciation is effectively a subsidy to exporters).
India's equity market is feeling the heat as the rupee hits record lows, raising concerns about the ongoing economic recovery. Foreign investors are pulling money out, impacting capital flows crucial for growth. While tech exporters benefit from a weaker rupee, other sectors face challenges, suggesting a period of selective investment and continued market volatility.
