It’s been a long, turbulent journey for the Indian Rupee (INR) in 2025. Amid a shifting global monetary backdrop, policy uncertainty in the US, and persistent domestic headwinds, the INR has found itself trapped in a perfect storm. The dollar, after a historically poor showing this year, appears poised at a critical inflection point. As we look ahead to March 2026 and beyond into FY27, the question emerges: where is the rupee really headed?

This isn’t just a currency story. It’s a broader narrative about shifting power dynamics in global markets, the return of political influence over monetary policy , and how central banks like the Reserve Bank of India (RBI) are learning from the past to navigate an uncertain future.

Let’s unpack what’s been happening and where the rupee might be

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