The Indian Rupee (INR) has recently faced significant challenges, reaching a record low of 88.62 against the US dollar in September 2025. Analysts attribute this pressure to various factors, including increased US visa fees and a decline in foreign equity inflows. The Reserve Bank of India's (RBI) intervention in October, where it bolstered its short dollar forward positions by $6 billion, indicates a proactive approach to stabilize the rupee amid persistent importer demand for dollars and ongoing geopolitical concerns.
Economists have highlighted that a combination of weak manufacturing export growth and a narrowing policy rate differential with the US may continue to hinder the INR's stability. As of early November, forecasts suggest the rupee will remain under pressure, reflecting broader economic challenges within India. The INR to Thai baht (THB) exchange rate has recently traded at 90-day lows near 0.3578, which is 1.9% below its three-month average of 0.3649, indicating potential difficulties for businesses and individuals engaging in international transactions.
On the other hand, the Thai Baht (THB) has experienced upward pressure, reaching a four-year high. The Thai government and the Bank of Thailand (BoT) are actively working to manage this strength through measures aimed at curbing excessive appreciation, including a potential tax on gold trading and scrutinizing capital inflows. Experts have warned that the strong baht could adversely impact Thailand’s export and tourism sectors, prompting the government to enhance liquidity in the banking system.
Recent oil price movements, where oil has traded at $62.38—4.1% below its three-month average—may further influence the INR/THB dynamics, as changes in oil prices can have a cascading effect on currency values. As market players continue to navigate these complexities, maintaining awareness of both currency situations and broader economic indicators will be crucial for managing the costs associated with international transactions.
