Why did India's rupee become Asia's worst-performing currency?

The rupee became Asia's worst-performing currency due to increased volatility and a significant decline, establishing multiple record lows after a shift in the Reserve Bank of India's policy.

What actions did the Reserve Bank of India take to defend the rupee?

The Reserve Bank of India implemented aggressive intervention measures in March and April, employing strong tactics to defend the rupee against its continued depreciation.

What is the outlook for the Indian rupee after RBI's intervention?

While some of the RBI's intervention measures have been rolled back, investors remain cautious. Experts believe the possibility of further measures will deter aggressive bets against the rupee.

Home / Business and Economy / Rupee Plummets: India's Currency Hits Record Lows

Rupee Plummets: India's Currency Hits Record Lows

24 Apr

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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.

Rupee Plummets: India's Currency Hits Record Lows

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.