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Rupee Plummets: India's Currency Hits Record Lows
24 Apr
Summary
- Rupee became Asia's worst-performing currency in recent months.
- Reserve Bank of India intervened aggressively in March and April.
- Traders noted increased rupee volatility after new RBI chief took over.
Since Sanjay Malhotra assumed leadership of India's central bank in December 2024, the rupee has experienced notable volatility. This shift contrasted with the previous governor's approach of tightly controlling currency fluctuations. By November 2025, the International Monetary Fund recognized this trend as the rupee established multiple record lows, marking it as Asia's worst-performing currency.
In the subsequent months, the rupee continued its decline, nearing the significant 100-per-dollar mark. This unprecedented movement prompted aggressive intervention by the Reserve Bank of India in March and April 2026, employing some of the strongest measures seen in decades to stabilize the currency.
Although the RBI has begun to scale back some of these interventions, market sentiment indicates a lingering wariness among investors regarding one-sided bets against the rupee. Experts suggest that the threat of further incremental measures by the central bank is likely to deter aggressive bearish positions on the currency.
