As of November 2025, the Indian Rupee (INR) is experiencing notable volatility, primarily against major currencies such as the US Dollar, Euro, and British Pound. It recently plunged to a record low of 88.62 per USD on September 23, largely driven by increased US visa fees and decreased foreign equity inflows. This unprecedented decline has continued to create significant pressure on the rupee, compounded by strong importer demand for dollars in response to concerns over US tariffs and immigration policies.
The Reserve Bank of India (RBI) has taken aggressive steps to stabilize the INR, expanding its short dollar forward positions by $6 billion in October. Analysts believe this intervention reflects a commitment to defend the rupee, yet persistent hedging from importers indicates ongoing challenges. The decline in foreign direct investment and weak manufacturing export growth, coupled with a narrowing policy rate differential with the US, contributes to a bearish outlook for the currency.
Recent market data shows the INR to USD trading at 90-day lows near 0.011156, approximately 1.2% below its 3-month average. The INR to EUR is also near 30-day lows at 0.009609, slightly below the 3-month average, while the INR to GBP stands similarly at a low of 0.008444. In contrast, the INR to JPY shows more stability, trading at 1.7355—1.4% above its 3-month average.
Given these developments, forecasters suggest businesses and individuals engaging in international transactions may want to consider timing and hedging strategies, as the rupee's outlook remains uncertain amid ongoing economic pressures.
