Rupee slides to a new low of 90.37 against US dollar amid RBI intervention

“Surging global prices for precious metals enforced metal importers into rush for dollars, creating immense pressure. The rupee’s depreciation was exacerbated amid likely limited intervention from the central bank to stabilise the market,” said Dilip Parmar, Research Analyst at HDFC Securities.

Forex market participants said that the Reserve Bank of India (RBI) intervened in the market at around 90.42 and 90.45 levels, which helped the currency pare its losses.

“Reduced FX intervention by the RBI over the past 1-2 weeks has increased INR volatility,” according to a report by Goldman Sachs.

A delay in the India-US trade deal and persistent outflows by foreign portfolio investors (FPIs) also kept the rupee under pressure. Foreign investors dumped Rs 16,104 crore worth of domestic equities so far in December, taking the total outflows to Rs 1.60 lakh crore in 2025.

Going forward, the immediate resistance for the spot USD/INR pair is at 90.70 and the crucial support level has shifted significantly higher to 90.10 from the prior mark of 89.70, Parmar said.

“This change in the support floor confirms the underlying sentiment remains heavily skewed toward a further weakening of the rupee in the near term,’ he added.