The Indian rupee weakened past 90 per USD, hitting another fresh record low, pressured by corporate dollar outflows, which added to concerns over the absence of a US-India trade deal. The outflows were driven by Indian companies buying dollars for end-of-year international payments, alongside demand from foreign and local private lenders likely linked to merchant transactions. These limited relief from a softer greenback following the US Fed’s rate cut and less-hawkish-than-expected comments. On the trade front, India’s Commerce Secretary Rajesh Agrawal met US Deputy Trade Representative Rick Switzer in New Delhi for two days of discussions aimed at easing trade tensions, including tariffs related to Russian oil purchases. However, analysts warn that losses in the rupee could deepen if a trade agreement fails to materialize. The currency is on track for its worst annual decline since 2022, pressured by weak portfolio inflows and steep US tariffs on Indian exports.

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