
Indian Rupee Hits All-Time Low vs USD
September 23, 2025
The Indian rupee plunged to a record low of ₹88.62 per US dollar on September 23, 2025. The decline is being attributed to a mix of external pressures: A hike in US visa fees affecting Indian IT worker flows and potentially lowering foreign earnings and remittances. Reduced foreign equity inflows, as investors reassess exposure to Indian tech stocks and India's macro risks. The Indian central bank (RBI) has intervened by selling dollars in the spot market to stabilize the rupee, while allowing some depreciation to manage market expectations. This move is significant because currency depreciations of this scale can affect inflation, import costs, debt servicing in foreign currency, and investor sentiment.