Rupee from 10 to 90: Tracing the four-decade slide to its most fragile moment

The rupee’s slide past 90 marks the latest phase in a four-decade depreciation driven by weak flows, record trade deficits, and persistent importer demand. With FPIs selling aggressively, FDI turning negative, and hedging pressures rising, the RBI is easing volatility even as structural vulnerabilities keep the currency under strain.